Full text of Economic Indicators : September 1961
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87th Congress, 1st Session
Economic Indicators
SEPTEMBER 1961
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1961
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 500 °f Public Law 304, 19th Cong.)
WRIGHT PATMAN, Texas, Chairman
PAUL H. DOUGLAS, Illinois, Vice Chairman
SENATE
HOUSE OF REPRESENTATIVES
RICHARD BOLLING (Missouri)
JOHN SPARKMAN (Alabama)
J. WILLIAM FULBRIGHT (Arkansas)
HALE BOGGS (Louisiana)
WILLIAM PROXMIRE (Wisconsin)
HENRY S. REUSS (Wisconsin)
CLAIBORNE PELL (Rhode Island)
MARTHA W. GRIFFITHS (Michigan)
PRESCOTT BUSH (Connecticut)
THOMAS B. CURTIS (Missouri)
JOHN MARSHALL BUTLER (Maryland)
CLARENCE E. KILBURN (New York)
JACOB K. JAVITS (New York)
WILLIAM B. WIDNALL (New Jersey)
WM,, SUMMERS JOHNSON, Executive Director
JOHN W. LEHMAN, Deputy Executive Director and Clerk
COUNCIL OF ECONOMIC ADVISERS
WALTER W. HELLER, Chairman
KERMIT GORDON
JAMES TOBIN
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required number of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Graphics Unit, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at 20 cents a single copy
or by subscription at $2.00 per year (foreign, $2.75) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON 25, B.C.
Subscribers who wish to receive it at an earlier date after release may take advantage of provisions for airmail subscriptions. The domestic airmail subscription
price is $4.60 per year.
The I960 Supplement to Economic Indicators, which describes each series and
gives annual data for years not shown in the monthly issues, is now available at
60 cents a copy.
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
The Nation's Income, Expenditure, and Saving
Gross National Product or Expenditure
National Income
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
iv
1
2
3
4
5
6
7
8
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Unemployment Insurance Programs
Nonagricultural Employment
Weekly Hours of Work
Average Hourly and Weekly Earnings—Selected Industries
9
10
11
12
13
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Production of Selected Manufactures
Weekly Indicators of Production
New Construction
Housing Starts and Applications for Financing
Trade Sales and Inventories
Manufacturers' Sales, Inventories, and New Orders
Merchandise Exports and Imports
U.S. Balance of Payments
14
15
16
17
13
19
20
21
22
PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers
23
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Supply
Bank Loans, Investments, Debits, and Reserves
Consumer Credit
Bond Yields and Interest Rates
Stock Prices
26
27
28
29
30
FEDERAL FINANCE
Budget Receipts and Expenditures
Cash Receipts from and Payments to the Public
NOTE.—Detail in these tables will not necessarily add to totals because
of rounding.
Data for Alaska and Hawaii are not included unless specifically noted.
Unless otherwise stated, all dollar figures are in current prices.
31
32
ill
TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Gross national product rose $15.3 billion (seasonally adjusted annual rate), or 3.1 percent, from the first to the
second quarter of 1961, accordins to recent revisions.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Business
Persons
Period
1951
1952
1953...
1954
1955
1956
1957
1958
1959
1960
1959: Third quarter..
Fourth quarter.
1960: First quarter. _.
Second quarter.
Third quarter. _
Fourth quarter.
1961: First quarter. _.
Second quarter..
Personal
Disposable consumption
personal expenditures
227. 5
238. 7
252. 5
256. 9
274. 4
292. 9
308.8
317.9
337.3
351. 8
338. 7
342.3
345.7
352. 7
354. 4
354.9
354. 3
361.8
209.8
219. 8
232.6
238.0
256.9
269.9
285. 2
293. 2
314.0
328.9
316. 5
320.0
323. 8
329. 9
329.7
332.3
330.7
336. 1
International
Personal
Gross
Excess
saving
Gross
private
of
(+) or retained domestic investearn-2
disinvestment
saving
ings
ment
17.7
18. 9
19.8
18. 9
17.5
23.0
23. 6
24. 7
23. 4
22. 9
22. 3
22. 3
21. 8
22. 8
24. 6
22. 7
23.7
25.8
56.3
49. 9
50.3
48.9
63.8
67. 4
66. 1
56. 6
72. 4
72. 4
68.2
71.8
78. 9
74. 6
70. 5
65.6
59.8
68.8
3.1.5
33.2
34. 3
35.5
42. 1
43. 0
45. 6
44. 8
50.7
51.7
49.7
51.4
52.0
51. 9
51. 7
51.2
50.4
-24. 8
-16. 6
-16.0
-13. 4
-21.8
-24. 3
-20. 5
-11. 9
-21.7
-20.7
-18. 5
-20. 4
-26. 9
-22. 7
-18. 8
-14 4
-9.4
Foreign
Net exports of goods
net
and services
transfers by
Govern- Net
ExImment exports ports
ports
2. 1
1. 5
1. 6
1. 4
1. 5
1. 5
1. 5
1. 3
1.5
1.6
1.3
1.9
1.5
1. 6
1. 5
1. 6
1. 6
1.5
2.4
1. 3
—. 4
1. 0
1. 1
2.9
4. 9
1.2
-. 7
3. 0
—. 5
.0
1. 8
2. 3
3.0
5. 1
5. 3
3.9
17. 9
17.4
16. 6
17. 5
19. 4
23. 1
26. 2
22. 7
23. 1
26.7
24. 0
24 1
25. 6
26. 7
26. 8
27.6
27.6
26.4
15.5
16. 1
17.0
16. 5
18. 3
20. 2
21.3
21. 5
23.8
23. 6
24 5
24 0
23. 9
24 4
23. 8
22. 4
22.3
22. 5
Excess of
transfers
( + ) or
of net
exports
0.2
.2
2.0
.4
.4
1. 5
3. 5
.1
2. 3
1. 5
1. 8
1.9
-.3
7
1." 5
3. 5
3.7
2.4
Government
Surplus
( + ) or
deficit
PurTrans- (-) on
Tax and TransTotal
income
fers,
nontax
chases
fers,
Net
and
interest, of goods expendi- interest,
receipts receipts
and
and sub- product
and subor
tures
4
account
sidies
accruals sidies
Net receipts
Period
1951
1952
1953
1954
1955
1956
1957
1958
....
1959
1960
1959: Third quarter..
Fourth quarter.
1960: First quarter. _.
Second quarterThird quarter. _
Fourth quarter.
1961 : First quarter
Second quarter,.
1
66. 6
72. 2
75.7
68. 5
78. 4
84 2
87. 5
82.0
949
102. 0
95. 3
94 4
103. 5
103. 3
101. 5
99. 7
97. 1
85. 5
90. 6
94 9
90. 0
101. 4
109. 5
116. 3
115. 1
129.3
139. 1
129. 3
130. 4
139. 5
140. 1
138.8
138.3
136. 8
Expenditures
18. 9
18.4
19. 2
21. 5
23. 0
25. 3
28. 7
33. 1
344
37. 1
34.0
36. 0
36.0
36. 8
37.3
38. 6
39.7
41.2
60. 5
76. 0
82.8
75.3
75. 6
79. 0
86. 5
93. 5
97. 1
100. 1
98. 1
96. 5
96. 9
99. 6
101. 9
101.6
105.0
107. 3
Personal Income (p. 3) less personal taxes and nontax payments (fines, penal.).
llstrihuted corporate profits, corporate inventory valuation adjustment,
consi inption allowances, and excess of wage accruals over disbursements,
ford MI investment with sign changed.
•mn <>nt transfer payments to persons, foreign net transfers by Govern:st paid by government, and subsidies less current surplus of
'ntorprises.
IV
79. 4
94 4
102.0
96. 7
98.6
104 3
115. 3
126. 6
131. 5
137. 2
132. 1
132.5
132. 9
136. 4
139. 2
140. 2
144 7
148. 5
18. 9
18.4
19. 2
21. 5
23.0
25.3
28.7
33.1
34 4
37. 1
34 0
36.0
36.0
36. 8
37. 3
38. 6
39. 7
41. 2
6. 1
-3.9
-7. 1
-6.7
2. 9
5.2
1.0
-11.4
-2. 2
1. 9
-2. 8
-2. 0
6.5
3.5
—. 5
— 1. 9
-7.9
Gross
Total
Statis- national
income
tical
product
or
discrepor
receipts
ancy expenditure
327.7
345. 6
364 1
362.3
396. 5
421. 6
443. 4
446. 0
484 4
507. 1
485.0
490. 0
502.7
509.5
509. 1
507. 4
503.4
1.2
1. 4
1. 3
.9
1.0
-2.4
-. 6
— 1. 5
— 1. 7
-2.6
-2.8
-1.8
-1. 1
-2. 9
-4 0
-2. 9
-2.6
* Not available.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
329. 0
347. 0
365. 4
363. 1
397.5
419. 2
442. 8
444 5
482. 8
504 4
482. 3
488. 3
501. 6
506. 4
505. 1
504 5
500. 8
516.1
GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product in current prices (seasonally adjusted) rose 3.1 percent in the second quarter of 1961; when
adjusted for price changes, the increase was 2.8 percent.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
500
500
400
400
200
200
100
1955
1961
SOURCE".. DEPARTMENT OF COMMERCE.
Period
OOOHQC OTECONOMIC ADVISERS
'
[Billions of dollars]
Government purchases of goods
Total
Personal Gross
Net
services
gross
Total
conexports
private
national
gross
sump- domestic of goods
Federal
tion
product national
and
Total Total * National
in 1960 product expend- invest- services
ment
defense2 Other
prices
itures
and
State
and
local
Implicit
price
deflator
for total
GNP,
1960= 1001
1949_ __ __
1950
1951
1952
1953
__ _ 1954_ __ __ _
1955
1956
1957
1958_ _ _ _ _ _ _ _ _ _
1959
_ _1960
384. 2
862. 8
S91. 8
406. 6
425. 2
416. 6
449.6
459. 1
467. 6
459. 9
491. 0
504. 4
258. 1
284. 6
329. 0
347. 0
365.4
363. 1
397. 5
419. 2
442. 8
444. 5
482. 8
504. 4
181.2
195.0
209. 8
219. 8
232. 6
238. 0
256. 9
269.9
285.2
293. 2
314. 0
328. 9
22.2
33.0
40.2
3.8
19. 3
50.0
39.0
.6
56.3
60. 5
2.4
38. 8
49. 9
52. 9
1. 3
76.0
50. 3
58. 0
82.8
—.4
48. 9
75. 3
1.0
47.5
63. 8
1. 1
75.6
45.3
2.9
79. 0
67.4
45.7
66. 1
4. 9
86. 5
49. 7
56. 6
52. 6
1. 2
93. 5
72. 4
53. 5
-.7
97. 1
72. 4
52. 9
3.0 100. 1
Seasonally adjusted annual rates
13.6
14. 3
33. 9
46.4
49.3
41.2
39. 1
40. 4
44. 4
44. 8
46. 2
45. 5
a9
5.2
5.2
6.7
9.0
6.7
6. 6
5. 7
5. 7
8.3
7.8
8.0
17.9
19.7
21. 7
23. 2
24. 9
27. 7
30.3
33. 2
36. 8
40. 8
43. 6
47. 2
77.2
78. 6
84.0
85.3
85. 9
87. 2
88. 4
91.3
94. 7
96.7
98.3
100. 0
1959: Third quarter. _ _
Fourth quarter— _
1960: First quarter
Second quarter. _
Third quarter
Fourth quarter _ _
1961: First quarter
Second quarter-
488. 8
493. 1
504. 5
507. 6
504- 1
501. 2
496. 1
510. 1
482.3
488. 3
501.5
506. 4
505. 1
504. 5
500. 8
516. 1
316. 5
320. 0
323. 8
329. 9
329. 7
332. 3
330. 7
336. 1
68. 2
71. 8
78. 9
74. 6
70. 5
65.6
59. 8
68. 8
46. 3
45. 9
45. 5
45. 5
45. 4
45. 7
47. 2
48. 8
8.3
7.5
6.9
7. 9
9. 1
7.9
8.0
8.3
44. 0
43. 6
45. 0
46. 8
48. 0
48. 6
50. 3
50. 6
98. 7
99. 0
99. 4
99. 8
100. 2
3 00. 7
100. 9
101. 2
1
Less Government sales.
2 These expenditures correspond closely with budget expenditures for "major
national
security," shown on p. 31.
3
Gross national product in current prices divided by gross national product
in 1900 prices.
-0. 5
.0
1.8
2.3
3.0
5. 1
5. 3
3.9
98. 1
96. 5
96. 9
99.6
101. 9
101. 6
105. 0
107. 3
54 1
52. 9
51.8
52.9
54. 0
53. 0
54. 7
56. 6
NOTE.—Data for Alaska and Hawaii included beginning I960.
Source: Department of Commerce.
NATIONAL INCOME
National income increased $13.8 billion (seasonally adjusfed annual rate) in the second quarter of 1961.
was concentrated in compensation of employees and corporate profits.
BILLIONS OF DOLLARS
The rise
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
TOTAL NATIONAL INCOME
400
300
COMPENSATION OF EMPLOYEES
200
200
100
CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT
PROPRIETORS' AND
RENTAL INCOME
1961
i960
1955
SOURCE: DEPARTMENT OF COMMERCE.
•COUNCIL OF ECONOMIC >bvjsefts
[Billions of dollars]
Period
1949__. _ _ _
1950
1951
1952
1953
1-954. ..
1955-1956
1957
1958__.
1959 .
1960
_
.
Total
national
income
Compensation
of em- J
ployees
217.7
241.9
279. 3
292. 2
305. 6
301. 8
330. 2
350. 8
366. 9
367. 4
399. 6
417. 1
140. 8
154. 2
180. 3
195. 0
208. 8
207. 6
223. 9
242. 5
255. 5
257. 1
278. 4
293. 7
Business
and professional
Rental
income
of
persons
22. 7
23. 5
26. 0
26. 9
27. 4
27. 8
30. 4
32. 1
32. 7
32. 5
35. 0
36. 2
8. 3
9.0
9. 4
10. 2
10. 5
10. 9
10. 7
10. 9
11. 9
12. 2
11. 9
11. 7
Proprietors' income
Farm
12. 9
14.0
16. 3
15. 3
13. 3
12. 7
11. 8
11. 6
11. 8
13. 5
11. 3
12. 0
Net
interest
4. 8
5.5
6. 3
7. 1
8. 2
9. 1
10. 4
11. 7
13.4
14. 8
16. 6
18.4
Corporate profits and inventory valuation adjustment
Total
Profits Inventor}7
before valuation
taxes adjustment
28. 2
35. 7
41. 0
37. 7
37. 3
33. 7
43. 1
42. 0
41. 7
37. 2
46. 4
45. 1
26. 4
40. 6
42. 2
36. 7
38. 3
34. 1
44. 9
44. 7
43. 2
37. 4
46. 8
45. 0
1. 0
5 0
1 2
1.0
— 1.0o
44. 4
45. 5
47. 4
45. 9
44. 1
42. 9
40. 0
45. 5
44. 8
44, 9
48. 1
46. 3
43. 2
42. 6
39. 6
45. 2
-0. 4
.7
7
—!4
.9
.3
.4
.3
— 1. 7
-2. 7
-1. 5
g
1 5
.0
Seasonally adjusted annual rates
1959: Third quarter
Fourth quarter
1960: First quarter
Second quarter
Third quarter
Fourth quarter
1961: First quarter
Second quarter
399. 4
402. 8
413. 5
419. 2
419. 0
416. 5
412. 2
426. 0
* Includes employer contributions for social insurance.
280.5
282. 4
290. 2
294. 6
296.0
294. 0
292. 6
300.2
(See also p. 3.)
10. 6
10. 8
10. 5
12. 3
12. 4
12.7
12. 9
12. 9
35. 3
35. 3
35. 8
36. 4
36.3
36. 3
36. 0
36. 3
11.8
11.7
11. 7
11.7
11. 7
11.7
11. 5
11.5
16.7
17.0
17. 8
18. 3
18. 6
18. 9
19.2
19. 6
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
SOURCES OF PERSOHAL INCOME
Personal income decreased $1.9 billion (seasonally adjusted annual rate) in August. If the stepped-up dividend
payment to veterans, a nonrecurring item, were excluded from the July total, there would be a rise of $0.7 billion.
Labor income accounted for most of the rise.
8H-LIONS OF DOLLARS
450
BILLIONS OF DOLLARS
450
400
400
350
300
300
BUSINESS, PROFESSIONAL, AND RENTAL INCOME
\
FARM PROPRIETORS' INCOME
?3idim"ir"""cmm"OT"ni"'rlHnr*f|'IIIYclri
I955
1956
I960
Total
personal
income
Period
1952
1953
1954
1955,
1956
1957
1958
1959
1960
_ _ _ ----_ _
273. 1
288. 3
289. 8
310. 2
332. 9
351. 4
360. 3
383. 3
402. 2
405. 2
I960: August
September. 405. 5
October___ 406. 4
November. 406. 0
December. 404. 0
1961: January.- 403. 6
February- 3 403. 1
March
407. 3
April
409. 8
May
_ _ 413. 2
417. 3
June
3
July. .
_ 421. 2
4
August _ _ 419. 3
(Billions of dollars!
Labor income Proprietors' income
Less: Per(wage and
Rental
sonal conDivi- Persona] Transfer tributions
salary disincome
Business
paybursements
of
social
and pro- persons
ments forinsurand other 1 Farm
fessional
labor income)
ance
15. 3
26. 9
190. 2
10. 2
13.2
9. 0
12. 1
3.8
204. 1
27. 4
13. 3
10. 5
9. 2
13. 4
14, 3
3. 9
12. 7
27. 8
202. 5
10. 9
9. 8
14. 6
4. 6
16. 2
11. 8
30. 4
10. 7
218. 0
11.2
15.8
17.5
5. 2
32. 1
11. 6
10. 9
235. 7
12. 1
17. 5
18. 8
5.8
32. 7
247. 7
11. 8
12. 6
19. 6
21. 9
11. 9
6. 7
32. 5
12. 2
13. 5
249. 2
12. 4
21. 0
26. 3
6. 9
11. 3
35. 0
268. 8
11. 9
27. 2
13. 4
23. 6
7. 9
12. 0
282. 2
36. 2
11. 7
14. 1
26. 2
29. 1
9. 3
Seasonally adjusted annual rates
36. 3
284. 1
12. 4
14. 1
11. 7
26. 4
29. 3
9. 3
12. 4
36.3
283. 9
11. 7
14. 3
29.8
26. 6
9. 4
12. 5
284. 0
36. 4
11. 7
14. 4
26. 6
30. 2
9. 3
282. 7
12. 8
36. 4
11. 7
14. 4
26. 7
30. 7
9. 3
280. 9
12. 8
36.0
14. 1
26. 7
31.0
9.2
11.6
12. 8
280. 6
36. 0
11. 6
14. 2
26. 8
31. 1
9. 6
12. 9
35. 8
14,2
280. 2
11. 5
26. 8
31. 1
9.4
3
36.0
13. 0
14. 2
281. 7
11. 4
26. 8
33. 7
9.6
12. 9
36. 1
285.3
11. 5
14 2
26. 8
32. 5
9. 6
12. 9
36. 3
288. 0
11. 5
14. 2
27.0
33.0
9.7
36. 4
291. 7
13. 0
11. 5
14. 3
33.0
27. 1
9. 8
3
36. 6
293. 4
12. 9
14. 3
11. 5
27. 2
35. 2
9. 8
12.
9
293. 9
36. 6
14. 3
27. 4
32. 4
11. 5
9. 8
1 Compensation of employees (see p. 2) excluding employer contributions for
social
insurance and the excess of wage accruals over disbursements.
2
Personal income exclusive of net income of unincorporated farm enterprises,
farm wages, agricultural net interest, and net dividends paid by agricultural
corporations.
3
Includes stepped-up payment of National Service Life Insurance dividends
1961
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
"«* 'cs?
N onagricultural
personal2
income
254. 3
271. 5
273.8
295. 0
317. 9
336/1
343.0
368. 1
386.2
388. 7
389.0
389. 8
389. 1
387.2
386.8
386. 2
3
390. 4
392. 9
396. 4
400. 2
3
404. 0
402. 0
of $1CO million ($1.8 billion at annual rate) in March and $218 million ($2.6
billion at annual rate) in July.
* Preliminary.
NOTE.—Data for Alaska and Hawaii included b o e i n n i n g I960
Source: Department of Commerce.
o
DISPOSITION OF PERSONAL INCOME
Disposable personal income (seasonally adjusted) increased in the second quarter of 1961, following a decline in
the first quarter. Since the rate of increase was more than in consumption expenditures, the saving rate rose.
BILLI DNS OF DOLLARS*
BILLIONS OF DOLLARS*
400
400
m
350
DISPOSABLE PERSONAL INCOME
300
\
ffvr^^
n.
^5^%%£
350
300
PER! ONAL CONSUMPTION^
EXPENDITURES
^^^
250
250
200 A
t
1
1
1
!
i
1
i
'
i
1
1
1
1
I
I
i
I
I
DOLLAI*S*
I *A 200
DOL.LARS*
PER CAPITA DISPOSABLE PERSONAL INCOME \
2,000
2,000
IN I960 PRICES *»»^
r
1,800
ss^'
_."^T^^^
—^
1,800
——-
^tt^**^*
IN CURRENT PRICES
1,600
1,600
AK
1,400
I
1
1
1
1955
N
1
1
!
1956
SEASONALLY ADJUSTED ANNUAL RATES.
t
i
1957
i
i
i
1958
i
t
i
1959
I
I
_ _
_
i Iv
1,400
X4>
COUNCIL OF ECONOMIC: ADVISERS
Personal consumption expenditures
950
951
952
953
954
955
95 ()
957
958
959
960
•
1961
1 --— -
SOURCE: DEPARTMENT OF COMMERCED
Period
1
1
I960
Disposable
personal
income 1
Total
207. 7
227.5
238. 7
252. 5
256. 9
274. 4
292. 9
308. 8
317. 9
337. 3
351. 8
195. 0
209.8
219. 8
232. 6
238. 0
256. 9
269. 9
285. 2
293. 2
314. 0
328. 9
338.
342.
345.
352.
354.
354.
354.
361.
316.
320.
323.
329.
329.
332.
330.
336.
NonDurable durable
Services
goods
goods
Billions of dollars
30. 4
99. 8
110. 1
29.5
115. 1
29. 1
32. 9
118. 0
32. 4
119. 3
124. 8
39. 6
131.4
38. 5
137. 7
40. 4
141. 6
37.3
43. 5
147.3
152. 4
44. 3
64. 9
70. 2
75. 6
81. 8
86. 3
92. 5
100. 0
107. 1
114. 3
123.2
132. 2
Personal
saving
12. 6
17. 7
18. 9
19. 8
18. 9
17.5
23. 0
23. 6
24. 7
23. 4
22. 9
Per capita disposable personal
income l
Current
prices
1960
prices 2
Saving as
percent Populaof distion
posable
(thoupersonal sands) 3
income
(percent)
Dollars
1, 369
1,674
1, 474
1,690
1,520
1,706
1,582
1,760
1, 742
1, 582
1,820
1, 660
1, 742
1, 879
1, 804
1,891
1, 826
1, 877
1,934
1,905
1,947
1,947
6. 1
7.8
7. 9
7.8
7. 4
6. 4
7. 9
7.6
7. 8
6. 9
6. 5
151,
154,
157,
159,
162,
165,
168,
171,
174,
177,
180,
68:
36(
02*
63(
41"
27(
17(
19*
06(
07*
67(
1,931
1, 937
1, 936
1,958
1, 955
1, 941
1, 923
1,954
6.6
6. 5
6. 3
6. 5
6. 9
6. 4
6. 7
7. 1
177,
178,
179,
180,
181,
181,
182,
183,
49^
291
69C
32*
08^
89*
60S
29$
Seasonally adjusted annual rates
1)59:
Tli ird quarter _ _ _
Ko irth quarter
WO: Fir st quarter
ond quarter _ _
Tli ird quarter
i r t h quarter
'.»,!: Fir st (|uarter
ond quarter. _
7
3
7
7
4
9
3
8
5
0
8
9
7
3
7
1
44. 4
43. 7
44. 7
45. 3
43. 4
43. 8
39. 4
42. 0
147.
149.
150.
153.
152.
153.
153.
154.
il income (p. 3) less personal taxes and nontax payments (fines, penalin c u r n - n i prices divided by the implicit price deflator for personal
; < i i i « - x | r n d i t u r o s on a I960 base.
. I I I > M of t h < > United States including armed forces abroad. Annual
i n h l , < | i i ; i ! t r r ] y data centered in the middle of the period, interpolated
7
3
5
3
7
1
7
1
124.
127.
128.
131.
133.
135.
137.
139.
4
0
6
2
6
4
5
9
22. 3
22. 3
21. 8
22. 8
24. 6
22. 7
23. 7
25. 8
1, 908
1, 920
1,924
1,956
1, 957
1, 951
1, 940
1, 974
NOTE.—Data for Alaska and Hawaii included beginning 1&60.
Sources: Department of Commerce and Council of Economic Advisers.
FARM INCOME
Gross and net farm income in the second quarter of 1961 was about the same as in the previous quarter, and remained
above the levels of a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
REALIZED GROSS
FARM INCOME •"•
30
NET FARM INCOME
INCLUDING NET INVENTORY
CHANGED
L
10
I
1955
1956
1957
1958
1959
I960
1961
-^INCOME OF FARM OPERATORS FROM FARMING.
SOURCE: DEPARTMENT OF AGRICULTURE.
COUNCIL OF ECONOMIC ADVISERS
Income received by total
farm population
Income received by farm operators from farming
Realized gross
Period
1952_
1953.
1954.
1955.
1956.
1957_
1958.
1959_
I960.
1959: Third quarter__
Fourth quarter.
1960: First quarter. __
Second quarter.
Third quarter. _
Fourth quarter.
1961: First quarter
Second quarter.
From
all
sources
From
From
agricul- nonagricultural
tural
ProducCash tion exreceipts
penses
from
Total 2
marketings
Billions of dollars
37.0
32. 6
22. 6
35. 3
21. 4
31. 1
30. 0
33. 9
21. 7
33. 3
29. 6
21. 9
34. 6
30. 6
22. 6
34. 4
29. 8
23. 4
37. 9
33. 4
25.3
37. 5
33.4
26. 3
38. 1
34. 0
26. 4
Seasonally adjusted annual
36. 9
32. 8
26. 3
36.9
32. 9
26. 2
36.8
32. 7
26. 4
38. 5
34. 4
26. 5
38. 3
34. 2
26. 3
38. 7
34. 7
26. 3
39. 3
35. 3
26. 7
39. 2
34. 0
26. 7
1
Net income of farm operators from farming (including net inventory change)
and
wages received by farm resident workers.
2
Cash receipts from marketings, Government payments, and nonmoney income
furnished by farms.
3
Inventory of crops and livestock valued at the average price for the year.
4
The number of farms (based on 1959 Census of Agriculture definition) is held
constant within a year.
75114°—61
2
Net income per
farm including net
inventory change 4
Net
Excluding inventory
change
Including net in- Current
1960
ventory3 prices prices 5
change
Dollars
14. 4
13.9
12. 2
11. 5
12. 0
11. 0
12. 6
11. 2
11. 7
rates
10. 6
10.7
10. 4
12.0
12. 0
12. 4
12. 6
12. 5
15. 3
13. 3
12. 7
11.8
11. 6
11. 8
13. 5
11.3
12. 0
2,702
2, 579
2, 607
2,728
3,214
2,756
3,000
2,905
2, 773
2, 773
2, 812
3,246
2,784
3,000
10. 6
10. 8
10. 5
12. 3
12. 4
12. 7
12. 9
12. 9
2, 590
2, 630
2, 620
3,080
3, 100
3, 180
3, 310
3,310
2, 620
2,630
2, 620
3,080
3, 100
3, 180
3,310
3, 310
* Income in current prices divided by the index of prices paid by farmers for
family
living items on a I960 base.
8
Not available until fall of 19G1.
Source: Department of Agriculture.
CORPORATE PROFITS
Corporate profits before taxes in the second quarter of 1961 are estimated at $45.2 billion (seasonally adjusted
annual rate), about 14 percent above the first quarter level but about 2 percent below a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
10
10
I955
!
1956
I
I957
I958
1961
I960
I95S
-^EXCLUDING INVENTORY VALUATION ADJUSTMENT.
SOURCE: DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1959: Third quarter. __
Fourth quarter. _
1960: First quarter
Second quarter _ _
Third quarter
Fourth quarter- _
1961: First quarter
Second quarter __
1
2
Corporate profits (before taxes) and
inventory
valuation adjustment 1
TransManufacturing
portation,
All
All
NoncomDurable
other
durable
muniindusgoods
Total
tries
goods cations, indusindustries
and
industries
public
tries
utilities
12. 0
20. 4
8. 4
11. 3
35. 7
4. 0
24. 4
41. 0
13. 5
10. 9
4. 5
12. 0
21. 1
9. 3
37. 7
4. 8
11.8
11. 8
12. 1
21. 4
9. 3
37. 3
4. 9
11. 0
18. 4
10. 1
4. 4
11. 0
33. 7
8.3
43 1
14. 2
25. 0
12. 8
10. 8
5.4
12. 6
12. 9
42. 0
10.9
23.5
5.6
22. 9
41.7
13. 1
13. 3
9.8
5.5
9. 0
13. 3
37. 2
18. 3
9. 3
5. 6
15.2
24. 8
13. 2
46. 4
11. 6
6. 4
12. 0
23. 3
11. 3
15. 0
45. 1
6. 8
12. 2
24. 1
14. 3
44. 4
11. 9
6. 0
15. 8
23. 4
11. 5
6. 4
45. 5
11. 9
15. 2
47. 4
13. 9
11. 5
6.7
25. 5
12. 0
15. 5
11. 4
6. 9
45. 9
23. 4
14. 9
11. 4
44. 1
22. 6
11. 3
6. 6
14. 6
21. 6
10. 7
10. 9
6. 8
42.9
14. 6
8. 5
6. 5
10. 4
40.0
18.8
2
2
2
2
45. 5
(2)
()
()
()
()
Bee p. 2 for Inventory valuation adjustment.
Not available.
Corporate profits
after taxes
Corporate
profits
before
taxes
Corporate
tax
liability
40. 6
42. 2
36. 7
38. 3
34. 1
44. 9
44. 7
43. 2
37.4
46. 8
45. 0
44. 8
44. 9
48. 1
46. 3
43. 2
42. 6
39. 6
45. 2
17.9
22. 4
19.5
20.2
17. 2
21. 8
21. 2
20. 9
18. 6
23. 1
22. 3
22. 1
22. 1
23. 9
23. 0
21. 4
21. 1
19. 6
22. 4
Total
22. 8
19.7
17.2
18. 1
16. 8
23. 0
23. 5
22. 3
18. 8
23. 7
22. 7
22. 7
22.7
24. 2
23. 3
21. 7
21. 4
20.0
22. 8
Dividend
payments
9. 2
9. 0
9.0
9. 2
9.8
11.2
12. 1
12. 6
12. 4
13. 4
14. 1
13.7
13. 8
14. 0
14. 0
14. 1
14.3
14. 2
14.2
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
Undistributed
profits
13. 6
10.7
8.3
8. 9
7.0
11. 8
11. 3
9. 7
6. 4
10.3
8. 6
9. 0
8.9
10. 2
9.3
7.6
7.2
5.8
8.6
GROSS PRIVATE DOMESTIC INVESTMENT
Private investment increased $9.0 billion (seasonally adjusted annual rate) in the second quarter of 1961. Most of
the change was due to inventories, which had been liquidated at a rate of $4.0 billion in the first quarter and were
accumulated at a rate of $2.8 billion in the second quarter.
BILL IONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
I
/M
~\ V
V
80
80
GFK)SS PRIVATE
DOME!5TIC INVESTMEN1
\
S^~
60
^
^
*
NEW CONSTRlJCTION
40
\
M
^*-"*
I
60
40
*
PRODUCERS
DURABLE EQUIP?^ENT
•mm."'1"""1"""-.,,,,,^
HHiin"1"11""""1"""
""/,...«,..•
'"""""•«.,.„„!,.•»•"""
20
20
c HANGE IN BUSINESS
-
INVENTORIES
'**tj-
0
-20
,^
y
'X
1
1
1
!
1955
!
1
1
1956
1
1
1957
1
I
•Ax
1
1958
!
1
1959
!
s\
*
V
\.s>
1
f
0
../
1
I
I960
I
I
1961
i
-20
c<3wHat 6f "ICONOMic, AtiV&ERS
860!fdt: DEPARTflENf OF~COMWhCE~.
[Billions of dollars]
Total
gross
private
domestic
investment
Period
1949
1950
1951_
1952
_
1953 _ .
1954 _ _.
1955
1956___
1957
1958
1959
_ _
1960
_
_
_ _ _ _ _ _
_ _ _ _ _ _
___ .
__. _ _ _ _
1959: Third quarter
Fourth quarter
1960: First quarter
Second quarter
Third quarter
Fourth quarter
1961: First quarter
Second quarter
Fixed investment
Total
33.0
50.0
56. 3
49. 9
50. 3
48. 9
63. 8
67. 4
66. 1
56. 6
72. 4
72. 4
36. 0
43.2
46. 1
46. 8
49.9
50. 5
58. 1
62. 7
64. 6
5R6
66. 1
68.2
68. 2
71. 8
78. 9
74.6
70. 5
65. 6
59. 8
68. 8
67. 6
66. 2
68. 0
69. 3
68. 1
67. 4
63. 8
66. 0
New construction 1
Producers'
durable
Residen3
equiptial
Total
Other
ment
nonfarm
9. 6
9. 2
18. 8
17. 2
24. 2
14. 1
10. 1
18. 9
24. 8
12. 5
12. 3
21. 3
12. 8
12.7
25. 5
21. 3
27. 6
13. 8
13. 8
22. 3
29.7
15. 4
14. 3
20.8
34 9
18. 7
16. 2
23. 1
17.7
35. 5
17.8
27. 2
19.0
36. 1
17.0
28.5
35.5
18.0
17. 4
23. 1
40.2
22. 3
17.9
25. 9
21. 1
40. 7
19. 6
27. 5
Seasonally adjusted annual rates
41.0
22. 6
18.4
26. 6
21. 3
39. 6
18.3
26. 6
21. 5
40. 9
19. 3
27. 1
21. 2
40. 7
19. 5
28. 6
40. 4
21. 0
19. 4
27. 7
40. 7
20. 5
20. 2
26. 7
39. 6
19. 3
20. 4
24. 2
41. 3
20. 6
20. 7
24.7
1
Revisions in series on new construction shown on p. 17 have not yet been incorporated
into these series.
3
"Other" construction in this series includes petroleum and natural gas well
drilling, which are excluded from estimates on p. 17.
Change in business
inventories
Total
Nonfarm
-3. 1
6.8
10. 2
3. 1
.4
-1.6
5.8
4.7
1.6
-2.0
6.3
4. 2
-2.2
6.0
9. 1
2. I
1. 1
-2. 1
5. 5
5. 1
.8
-2. 9
6.2
4.0
0. 7
5. 6
10. 9
5.4
2.4
-1.9
-4.0
2.8
0.7
5. 5
10. 8
5. 1
2. 0
-2.2
-4. 3
2. 4
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce,
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Businessmen plan to spend $34.8 billion (seasonally adjusted annual rate) on new plant and equipment in the third
quarter of 1961 and $35.9 billion in the fourth quarter, according to the July-August survey. In the first half of this
year the spending rate was $33.7 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
20
20
196!
1955
-i/SEE NOTE 3 ON TABLE BELOW.
SOURCES: SECURITIES AND EXCHANGE COMMISSION, AND DEPARTMENT OF COMMERCE.
COUNCIL OP ECONOMIC ADVISERS
[Billions of dollars]
Manufacturing
Period
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961 3
Total i
_
-
1959: Third quarter
Fourth quarter
1960: First quarter
Second quarter
Third quarter
Fourth quarter
11HVI: First quarter _
Second quarter3
Third quarter 3
F o u r t h quarter
Total
25. 64
26. 49
28. 32
26. 83
28.70
35. 08
36. 96
30. 53
32. 54
35. 68
34. 56
10. 85
11. 63
11. 91
11.04
11. 44
14. 95
15. 96
11. 43
12. 07
14. 48
13. 80
33. 35
33. 60
35. 15
36.30
35. 90
35. 50
33.85
33. 50
34. 80
35. 90
12. 25
12.85
14. 10
14. 70
14. 65
14. 40
13. 75
13. 50
13. 75
14. 20
Durable NonduraRailroads Other
goods ble goods
5. 17
1.47
1. 49
.93
5. 68
5.61
6. 02
1. 50
.98
1. 40
1.56
5.65
.99
1.31
6. 26
1. 51
5.09
.85
5. 95
.98
5. 44
. 92
6. 00
. 96
1. 60
7. 62
1. 24
1. 23
1. 71
7. 33
8. 02
1. 77
7. 94
1. 24
1. 40
5.47
1.50
. 94
5. 96
. 75
. 99
. 92
2. 02
5. 77
6. 29
7. 18
.99
1. 94
7.30
1. 03
7.52
6.28
. 63
1.88
. 99
Seasonally adjusted annual rates
5. 85
2. 15
1. 00
1. 30
6. 40
6. 15
2. 15
6. 70
1.05
.85
7. 15
2. 00
6. 95
1. 00
1. 00
7. 40
2. 15
7. 30
1. 10
1. 05
7. 35
1. 90
7.30
1.00
1. 00
6. 85
1.80
7. 55
. 90
1. 00
6. 50
.70
1. 75
. 95
7. 25
6. 20
. 70
1. 80
7.30
1. 00
2. 05
6. 15
.60
7. 65
.95
6. 35
.
50
1. 90
1.
05
7. 85
ilture.
ni other includes trade, service, finance, communications, and
(1 on anticipated capital expenditures as reported by business
ru.st 1901. Includes adjustments when necessary for systematic
I pivl.ory data.
0
Transportation
Mining
Public
utilities
Commercial and
other 2
3. 66
3.89
4. 55
4. 22
4.31
4.90
6. 20
6. 09
5. 67
5.68
5. 75
7.24
7.09
8. 00
8. 23
9.47
11. 05
10. 40
9. 82
10. 88
11. 57
11. 52
5. 60
5. 50
5.75
5. 70
5. 60
5. 70
5.35
5.50
5. 95
6. 05
11. 05
11. 20
11. 35
11.60
11. 75
11. 65
11.30
11. 05
11. 50
12. 20
NOTE.—-Beginning 1959 all quarterly data are rounded to nearest $50 million.
Annual total is the sum of unadjusted expenditures; it does not necessarily
coincide with the average of seasonally adjusted figures.
These figures do not agree with the totals included in the gross national product
estimates of the Department of Commerce, principally because the latter cover
agricultural investment and also certain equipment and construction outlays
charged to current expense.
Sources: Securities and Exchange Commission and Department of Commerce.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Total employment was unchanged at 68.5 million in August. Unemployment declined by 600,000, as is usual at
this time of year, and the seasonally adjusted rate of unemployment remained at 6.9 percent.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
PERCENT OF CIVILIAN LABOR FORCE
PERCENT OF CIVILIAN LABOR FORCE
UNEMPLOYMENT f RATE
(SEASONALLY AD JUS5TED)
-
r
—t*r-f-]
"**
r-
~
r7
-
-
fT
-y.
n -- --
-
-
T
-
1955
"T
* 14 YEARS OF AGE AND OVER.
SOURCE'. DEPARTMENT OF LABOR.
Total
labor
force
(including
armed
forces)
Period
1953
1954
1955
1956
1957
1958
1959
1960
67. 4
67.8
68.9
70. 4
70. 7
71. 3
71. 9
73. 1
_.
1960: July
August
September
October
November
December
1961: January
February.
March
April
May
June
July
August
1956
__
_ _
75. 2
74.6
73.7
73. 6
73. 7
73. 1
72. 4
72.9
73. 5
73. 2
74, 1
76.8
76. 2
75. 6
1957
1958
19 61
COUNCIL OF ECONOMIC ADVISERS
Civilian
labor
force
Civilian employment
Total
Nonagricultural
Civilian employment
Unemployment
Millions of persons
63. 8 61. 9
55. 4
64. 5 60.9
54. 4
62.
9
65. 8
56. 2
67.5 64.7
58. 1
67. 9 65. 0
58. 8
58. 1
68. 6 64. 0
69. 4 65. 6
59. 7
70. 6 66. 7
61. 0
Unadjusted
72. 7 68. 7
61. 8
72. 1 68.3
61. 8
71.2 67. 8
61. 2
61. 2
71. 1 67. 5
71. 2 67. 2
61. 5
61. 1
70. 5 66. 0
69. 8 64. 5
59. 8
59. 9
70. 4 64.7
71. 0 65. 5
60. 5
70. 7 65. 7
60. 7
71. 5 66. 8
61. 2
62. 0
74.3 68. 7
62. 0
73.6 68. 5
62. 2
73. 1 68. 5
1
Seasonally adjusted totals may diiTer from sum of components because totals
and components have been seasonally adjusted separately.
I960
1959
Civilian
labor
force
Total
Agricultural
Nonagricultural
14 years of age and over
1.9
3. 6
2. 9
2. 8
2. 9
4. 7
3. 8
3. 9
Seasonally adjusted l
4.0
70. 7 66. 9
61. 2
5. 9
3. 8
70. 8 66. 7
5. 8
61. 0
3. 4
71. 0 67. 0
6. 1
61. 0
3. 6
70.6 66. 4
60. 7
5. 7
4. 0
71.4 67. 0
61. 2
5. 8
4. 5
71. 1 66. 4
60. 5
5. 8
5. 4
71. 5 66. 6
5. 7
60. 7
5. 7
71.9 66. 8
5. 8
60. 9
72. 2 67. 1
5. 5
5. 8
61. 2
5. 0
71. 4 66. 5
5. 3
61. 2
4. 8
71. 4 66. 6
5. 2
61. 5
5.6
72. 4 67. 3
5. 6
61. 9
5. 1
71. 6 66. 8
61. 4
5. 5
4. 5
71. 8 67. 0
61. 4
5. 7
Uneinployment
Unemployment
rate (percent of
civilian labor
force)
SeasonUnad- ally
adjusted justed
Percent
2 9
5. 6
4. 4
4. 2
4. 3
6. 8
5 5
5. 6
3. 9
4. 1
4. 0
4. 4
4. 4
4.8
4. 7
4. 9
5. 0
4. 9
4. 9
4. 9
4. 9
5. 0
5. 5
5. 3
4.8
5. 0
5. 7
6. 4
7. 7
8. 1
7. 7
7. 0
(>. 7
7. 5
7. 0
(I 2
5. 5
5. 8
5. 7
6. 3
6. 2
(). 8
(). 6
6. 8
(i. 9
G. 8
(). 9
0. 8
O. 9
(>. 9
NOTE. — For definition.-; and coverage, see fcmploiniKut mni J-:umtny.i, l > i - p i u t ment of Labor. Beginning January I960, data include Alaska and J lavs nil.
Source: Department of Labor.
0
UNEMPLOYMENT INSURANCE PROGRAMS
Insured unemployment averaged 2.4 million in August compared to 2.7 million in July.
MILLIONS OF PERSONS
MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
(STATE PROGRAMS)
FEB.
DEC.
SOURCE:DEPARTMENT OF LABOR.
All programs
Insured Total
unem- benefits
Covered ploypaid
(milemploy- ment
(weekly
lions of
ment
averdolage)
lars)
Period
1956
1957
1958
1959
1960
I960- July
August
September _ _
October
November
December
1961' January
February
March
April
May
June
July
2
August
Week ended:
1961: August
COUNCIL OF ECONOMIC ADVISERS
- -
5
12
19
26 2
September 2 2 _ _ _
9 ___
Thousands
42, 758
1, 318
1, 567
43, 447
2, 766
44, 501
1, 856
45, 727
2,067
46, 334
1,826
46, 900
1,804
47, 017
47, 012
1, 781
1,839
46, 602
2, 226
46, 270
2, 845
46, 282
3,515
P)
3,638
P)1
3, 403
C1 )
3
3, 626
C)
3
3, 290
P)1
3
2, 877
C1)
3
2, 678
C)
3
2, 398
P)
C1)
0)1
C1)
C)
P)
0)
3
3
3
3
3
2, 531
2, 450
2, 367
2, 268
2, 162
State programs
Insured
unemployment
Weekly average, thousands
1, 540. 6
1, 913. 0
3, 892. 5
2, 651. 7
3, 022. 8
198. 7
229. 7
230. 8
214. 9
258. 6
332. 4
436. 4
435. 5
500. 9
3
419. 6
3
457. 2
3
404. 0
3
322. 0
3
315. 0
0)
0)1
C)
0)
P)
0)
1,
1,
2,
1,
1,
1,
1,
1,
1,
212
450
509
682
906
686
657
598
678
2,
3,
3,
3,
639
266
394
168
2,039
2,779
2, 328
1, 991
1,958
1,777
1, 884
1,821
1,753
1, 670
1, 587
' N o t available.
-Preliminary.
•Includes Temporary Extended Unemployment Compensation program
taglnnlnn April. This program is excluded from State data.
10
Initial
claims
Insured unemployment as perExhaus- cent of covered
employment
tions
Unad- Seasonadjusted ally
justed
226
268
370
281
331
339
306
274
332
396
494
541
480
372
367
297
279
357
268
321
279
258
247
242
233
20
23
50
33
31
29
28
27
29
31
36
44
49
53
58
54
53
50
44
P)
P)
0)
P)
P)
P)
Benefits paid
Total Average
(milweekly
check
lions of
dollars) (dollars)
Percent
3. 2
3.6
6. 4
4. 4
4.8
4.2
4. 2
4. 0
4,2
5. 1
6. 6
8. 1
8. 4
7. 8
6.8
5.7
49
4.8
4. 4
4.6
4. 5
4. 3
4. 1
3. 9
4.7
5, 1
5.4
5. 7
6.3
6.4
6. 1
6.3
6. 3
5.9
5.6
5.3
5.3
5. 3
P)
(l)
0)
C1)
P)
0)
Indicators.
Data for Alaska and Hawaii included for all periods.
Source: Department of Labor.
1,
1,
3,
2,
2,
380. 7
733. 9
512. 7
279. 0
726. 8
183.8
206. 3
201. 8
189. 9
231. 1
300. 2
397.6
399. 3
461. 5
362. 5
320. 1
264.4
224. 0
221. 0
P)
0)
P)
P)
P)
P)
27.02
28. 17
30. 58
30. 41
32. 87
32. 37
32. 99
33. 54
33.73
34. 01
34. 18
34. 34
34. 45
34. 37
34. 18
33. 46
32.92
32. 91
32. 80
P)
P)
p)
p)
p)
f1)
NONAGRICULTURAL EMPLOYMENT
The total number of persons on nonfarm payrolls/ seasonally adjusted, increased by 50,000 in August.
MILLIONS OF WAGE
AND SALARY WORKERS
MILLIONS OF WAGE
AND SALARY WORKERS
56
ALL NONAGRICULTURAL ESTABLISHMENTS
52
3.5
CONTRACT CONSTRUCTION
(ENLARGED SCALE)
WHOLESALE AND RETAIL TRADE
(ENLARGED SCALE)
1958
1959
I960
1961
* SEASONALLY ADJUSTED DATA, EXCLUDING ALASKA AND HAWAII.
SOURCE: DEPARTMENT OF LABOR.
COUNCIL OF ECONOMIC ADVISERS
J
[Thousands of wage and salary workers ]
Total,
Manufacturing (private)
Nonmanufacturing (private)
Total
Total
unad- including
excluding
justed,
Period
Alaska
Contract Wholesale
excluding Alaska
Durable Nondura- Total 2 construcand
Total
and
and retail
Alaska and Hawaii
goods
ble
goods
Hawaii
tion
trade
Hawaii
1954
9, 122
15, 995
48, 431
48, 431
6,873 25, 685
2, 593
10, 520
1955
50, 056
9,549
50, 056
16, 563
7,014 26, 579
2,759
10, 846
1956
51, 766
16, 903
9,835
51, 766
2,929
7,068 27, 586
11, 221
1957
52, 162
9, 821
16, 782
52, 162
6, 961 27, 754
2, 808
11, 302
1958
_ _ ._
8,743
50, 543
50, 543
15, 468
2, 648
6, 725 27, 182
11, 141
1959
51, 975
51, 975
16, 168
9, 290
52, 205
6,878 27, 680
2, 767
11,385
9, 432
52, 898
1960
16, 337
52, 898
2,772
6, 905 28, 103
53, 137
11,642
Seasonally adjusted
1960: July
9, 452
52, 923
53, 145
16, 417
53, 407
6,965 28, 324
2, 858
11, 736
53, 062
53, 046
August
16, 265
53, 304
9, 338
6,927 28, 307
2, 835
11, 764
September. 53, 496
52,
998
53, 242
16, 275
9, 391
6,884 28, 184
2, 800
11, 665
53, 391
52, 809
October
53,047
16, 132
9,266
6,866 28, 153
2, 804
11, 668
November _ 53, 133
52, 591
52, 825
16, 030
9, 190
6,840 28, 030
2,783
11, 568
52, 221
December. 58, 310
52, 453
15, 790
9,030
6, 760 27, 843
2, 647
11, 541
1961: January
52, 232
51, 437
52, 460
15, 676
8, 918
6, 758 27, 947
2, 698
11, 634
8,792
February __ 51, 090
51, 984
52, 213
15, 527
6, 735 27, 814
2, 636
11,576
March
51, 397
52, 166
51, 939
15, 541
8,781
2, 715
6, 760 27, 736
11,479
April
51,843
52, 243
52, 476
15, 678
8,865
6, 813 27, 885
2, 781
11, 546
May.
52, 541
52, 407
52, 780
15, 910
9,058
2,752
6, 852 27, 922
11, 577
52, 949
9, 162
June3
53, 123
16, 048
53, 197
6,886 28, 158
2,843
11, 649
July 3
52, 858
53, 340
53, 078
16,088
2, 854
9,226
6, 862 28, 251
11,687
53, 142
53, 132
August
16,067
9, 194
53, 390
2, 861
6, 873 28, 263
1 1 , 709
includes all full- and part-time wage and salary workers in nonagricultural
establishments who worked during or received pay for any part of the pay period
ending nearest the 15th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Total derived from
this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 9, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they
Government
(Federal,
State,
local)
6,751
6,914
7,277
7,626
7,893
8, 127
8,458
8,404
8,474
8, 539
8,524
8,531
8,588
8, 609
8,643
8,662
8,680
8, 709
8,743
8, 739
8,802
are not at work because of industrial disputes; and which are based on an enumeration of population, whereas the estimates in this table are based on reports
from
employing establishments.
2
Includes mining; transportation and public utilities; finance, Insurance, and
real estate; and service and miscellaneous, not shown separately.
* Preliminary.
Source: Department of Labor
11
WEEKLY HOURS OF WORK
The average workweek of production workers in manufacturing industries, seasonally adjusted, declined slightly to
40.0 hours in August.
HOURS PER WEEK (SEASONALLY ADJUSTED)
HOURS PER WEEK (SEASONALLY ADJUSTED)
46
46
DURABLE MANUFACTURING
NONDURABLE MANUFACTURING
44
42
4£
40
38
36
36
34
1959
42
I960
44
BUILDING CONSTRUCTION
RETAIL TRADE
42
-mr™^
34
36
32
34
,
h*^%«——*y*v i^» «••••»
32
30
1958
1958
1959
I960
1959
Period
Average hours per week i
Manufacturing industries
Building Retail
Non- construcDurable durable
All
trade
goods
tion
goods
1955 _
1956
1957
1958 _ _ __ _..
1959 .
.
1960
40. 7
40. 4
39. 8
39. 2
40. 3
39. 7
1960: July
_ _._
August
-_
_ _
SeptemberOctober
November
December
1961: January
February
March
_ _ _
April
J
]Vlav
i
.
June 6
July 6
August
39. 9
39. 7
39. 3
39. 5
39. 1
38.3
39. 0
39. 1
39. 3
39.6
39. 8
40. 0
40. 1
40. 0
Hours per week
36. 2
41. 4
39. 8
41. 1
39. 5
36. 4
40. 3
39. 1
36. 1
39. 5
38. 8
35. 7
40. 8
39.6
35. 8
40. 1
35. 5
39. 1
Seasonally adjusted
40. 2
39. 4
36. 0
40. 0
39. 2
35. 8
35. 3
39. 7
38. 7
40. 1
38. 8
35. 9
39. 4
38. 7
35. 3
38. 6
34. 0
37.7
39. 4
36.
1
38. 6
39. 6
37. 0
38. 6
35. 4
39. 5
38. 9
40. 1
39.2
35. 1
40. 3
39. 4
35. 0
40. 4
39. 5
35. 6
40. 6
39. 4
35.
6
40. 5
39. 4
(5)
' Oat a relate to productiot workers or nonsupervisory employees.
rs from total nonafrr cultural employment (p. 9), which includes persons
s but not at work fo such reasons as vacation, illness, bad weather, and
il disputes. Bepim iif£ January 1960, data include Alaska and Hawaii.
;le.s persons who wo ked part-time because of slack work, material shortepairs, new job started, or job terminated.
12
1961
.COUNCU. Of ECONOMIC APMSEBS
SOURCE:DEPARTMENT OF LABOR.
39. 0
38. 6
38. 1
38. 1
38. 1
37. 7
37. 6
37. 7
37. 6
37. 6
37. 9
37. 4
37.6
37. 7
37. 6
37. 5
37.6
37. 6
37.
5
(5)
Persons at work in nona^ricultural 2 industries
by hours worked per week
Under 35 hours
Part-time for
economic reasons
Over 40 35-40
Total Usually Usually
hours
hours
partfulltime 4
time 3
Millions of persons 14 years of age and over
18.0
27. 0
8. 7
(5)
(5)
0.9
9.4
1. 1
27. 3
18. 7
1.2
1. 0
28.6
9.7
17. 6
1. 6
1.3
16. 6
28. 3
10. 4
1.0
1.3
27. 7
17. 3
11. 7
1.2
28.7
1. 3
11.5
17.7
17.3
17. 1
18. 5
18. 6
17. 0
18. 3
17. 7
17.4
17. 7
17.7
18. 1
17.9
17.2
17. 7
28. 1
29. 1
29.7
29. 0
24.6
29.3
29. 5
27. 9
29. 6
29. 9
29. 8
29. 9
27.8
28. 4
9. 3
8. 8
10. 4
11.7
18. 2
11.6
10. 9
12. 7
11. 4
11. 3
11.4
10. 5
9. 9
9. 7
7
1. 1
1.2
1. 3
1. 3
1. 4
1.5
1. 7
1. 7
1. 5
1. 5
1.3
1.2
1. 1
1. 2
' Primarily includes persons who could find only part-time work.
Not available.
Preliminary.
? Average hours worked: usually full-time, 23.7; usually part-time, 17.5.
Source: Department of Labor.
6
c
1.7
1.6
1. 2
1. 2
1.3
1.3
1. 4
1. 4
1. 5
1.5
1.5
2.0
1.9
M.9
AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
Average hourly earnings of production workers in manufacturing industries declined one cent to $2.34 in August.
Average weekly earnings also dropped in August but were $3.48 higher than a year earlier.
2.40
2.OO
1.80
i
1958
i
i960
1959
SOURCE: DEPARTMENT OF LABOR.
1
I96E
COUNCIL OF ECONOMIC ADVISERS
[I'or production workers or nonsupervisory employees]
Average hourly earnings— current prices
Average weekly earnings— current prices
Manufacturing industries
Manufacturing industries BuildBuildRetail
ing
coning con- Retail
NonNonstructrade
strucDurable durable
trade
Durable durable
All
All
tion
goods
goods
tion
goods
goods
$2. 19 $1.26 $64. 71 $69. 47 $58. 46 $81. 47 $50. 65
$1. 48
$1. 59
$1. 67
1951
_
2. 31
52. 67
1.54
73. 46
60. 98
1. 67
1. 32 67. 97
88. 01
1. 77
1952
2. 48
77. 23
91. 76
54. 88
1.
61
1. 40 71. 69
1. 77
1. 87
63. 60
1953
1.
92
2.
60
71.
86
94.
12
1.
81
77.
18
64.
74
1.66
66.
70
1.
45
1954
2. 66
83.21
2. 01
1. 71
68. 06
96. 29
58. 50
1. 50 76. 52
1. 88
1955
2. 80
2. 10
1.98
1. 57 79. 99
86. 31
71. 10 101. 92
60. 60
1. 80
1956
2. 96
62. 48
2.20
1. 64 82. 39
88. 66
73. 51 106. 86
1. 88
1957
_ _ _ _ _ _ 2.07
2. 13
2. 28
3. 10
1. 70 83.50
90. 06
64. 77
1. 94
75. 27 110. 67
1958
__ _
2. 22
2. 38
2. 01
3. 22
1. 76 89. 47
97. 10
79. 60 115. 28
67. 06
1959
2. 29
2. 08
2. 45
3. 37 3. 81 90. 91 98. 25 81. 33 1 1 9. 64 68. 24
1960
2. 08
97. 76
82. 37 123. 68
2. 29
2. 45
3. 37
69. 52
1. 82 91. 14
1960: July
2. 07
97. 20
3. 37
1.81 90. 35
2. 27
2.43
69. 32
81. 77 123. 68
August
2. 46
2.09
81. 72 122. 40
3. 40
1. 82 91.08
98. 15
68. 43
September _ _ _ 2.30
2. 09
3. 42
2. 46
98. 89
81. 51 125. 17
68. 44
2. 30
1. 83 91. 31
October
2. 46
2. 10
1. 82 90. 39
97. 42
81. 48 117. 99
3. 4.2
68. 25
November,. _ 2. 30
2. 11
2. 32
80. ] 8 1 i 5. 56
o. 46
L 78 89. 55
9G. 97
2. 48
07. I i
December
2. 12
1.84 90. 25
3. 47
97. 22
81. 41 123. 53
2. 32
2. 48
69. 00
1961: January
2. 11
2. 47
3. 48
1.84 90. 25
97. 07
81. 02 123. 19
69.00
2, 32
February
90.
71
2.
12
3.46
82.
04
2.
32
1.
83
97.96
68.44
2. 48
120. 41
March
2. 13
3.47
99. 35
82. 43 121. 45
2. 33
2. 49
1.85 91. 57
69. 01
April
2. 13
3. 48
2. 50
83. 07 123. 54
69. 56
2. 34
1. 86 92. 66 100. 50
May
2. 14
3. 48
84. 53 1 26. 32
2. 51
1.87 94. 24 101. 91
70.69
2. 35
June 2
2. 14
2. 51
3. 48
84.74 126. 32
71.63
2. 35
1.88 94.00 101. 15
Julv 2
3
2. 13
93. 83 101. 66
84. 56
2. 34
2. 51
August
()
(3)
(3)
(3)
Period
1
2
Earnings in current prices divided by the consumer price index on a I960 base.
Preliminary.
75114°
Cl
3
Average
weekly
earnings,
all manufacturing
industries, 1
1960 prices
$73. 79
75. 77
79. 30
79. 14
84. 55
87. 04
86. 73
85. 55
90. 83
90. 91
91. 05
90. 26
90. 90
90. 77
89. 70
88. 84
89. 62
89. 53
89. 99
90. 84
92. 02
93. 40
92. 79
(3)
3
Not available.
Source: Department of Labor.
13
PRODUCTION AND
ACTIVITY
INDUSTRIAL PRODUCTION
The industrial production index (ssasonally adjusted) increased 0.6 percent in August to a new peak.
increase in August was somewhat less than in July.
INDEX, 1957*100 { SEASOH/fl-LY ADJUSTED)
INDEX, 1957 = 100 (SEASONALLY ADJUSTED)
130
140
TOTAL
The rate of
80
70
1958
1961
1959
I960
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
[1957=100, seasonally adjusted]
Total
industrial
production
Period
1951
1 952
1 953
1954
1 955
950
_
_ _ _
957
958
959
960 l
1900: July
August
September
October
November
December
1901: January
February
March
April
Mav
June
Julv
All 'HlHt ' _ _
> Preliminary.
14
-
80. 8
83. 8
90.8
85. 4
96.0
99. 3
100.0
92, 9
104 9
108.0
109. 5
108. 4
106. 8
. 106. 3
104. 6
1 03. 0
102. 3
102, 1
102. 6
105. 6
108. 3
110. 4
112. 1
112. 8
Market
Industry
Manufacturing
Total
81. 5
84.8
92. 1
85. 8
96. 7
99. 5
100.0
92. 4
105. 3
108. 2
109. 9
108. 4
106. 7
106. 2
104. 1
102. 3
101. 4
101. 3
101.9
105. 2
108. 2
110.5
112. 2
112. 9
Final products
NonDurable durable
80. 3
85. 1
96.0
85.0
97. 9
100.0
100. 0
86. 8
101. 5
104.3
105. 6
103. 7
101. 9
100. 8
98. 0
95. 8
94. 6
94. 3
94.7
98. 7
102. 7
105. 3
107. 4
108. 3
Mining
Utilities
Total
Consumer
goods
Equipment
75. 0
80. 6
79. 3
81.7
87.3
60. 1
85.2
82. 5
90. 0
83.3
65. 2
86. 5
88.1
96. 1
86.9
90.7
71. 1
88. 8
87.2
85.0
86. 9
86. 5
86. 2
76. 5
90.9
94. 6
95. 0
96. 5
94. 8
85. 4
99. 1
98. 9
98.7
93. 6
98. 9
100. 1
100. 0
100.0
100. 0
100. 0
100.0
100.0
99. 9
95. 1
99.0
87. 3
104.5
91. 4
110. 0
99. 5
110.3
115. 0
106. 5
95. 3
1146
113. 5
102.9
123. 1
110.7
97. 0
115.9
1043
97.4
112.0
115. 6
124. 1
114. 8
115. 1
103. 1
111. 1
98. 0
125. 3
113. 1
110. 3
114 0
103. 0
125. 6
96. 3
102. 7
113. 4
110. 7
114 7
124. 1
96. 9
112. 2
112. 9
122. 8
109. 1
98. 0
101. 7
111. 8
108. 1
100. 6
97. 8
122. 8
111. 0
110. 2
110. 5
124. 3
106. 6
99. 5
98. 0
110. 2
110. 8
106. 6
99. 5
96. 9
125. 0
110. 6
99. 0
111. 6
124. 8
106. 7
96. 7
113. 7
126.8
100. 1
113. 9
109. 2
97. 4
110. 8
115. 4
115. 5
130. 1
97. 2
101. 6
112. 7
117. 8
102.4
117. 6
98.0
131. 2
114 2
104 1
98. 2
119. 3
118. 8
133. 5
119.2
105.5
114 7
119. 2
133. 0
99. 1
Source: Board of Governors of the Federal Reserve System.
Materials
82. 2
82. 7
90. 8
84 4
97. 1
99. 7
100. 0
91. 0
103. 5
105. 6
106. 2
105. 1
103. 7
102.9
101. 1
98.9
98. 1
98.2
99. 1
102. 9
106. 2
108.7
110.0
110. 5
PRODUCTION OF SELECTED MANUFACTURES
Output of manufactures (seasonally adjusted) continued to ns« in August, with durables again rising more than
nondurables.
INDEX, 1957 = 100 (SEASONALLY ADJUSTED)
INDEX, 1957= 100 (SEASONALLY ADJUSTED)
reo r
120
120 -
1958
-1959
I960
1961
*96J
SOURCES, BOARO OF GOVERNORS OF THE FE0ERAL 'RESERVE SYSTEM.
COUNCJL OF ECONOMIC ADVISERS
[1957=100, seasonally adjusted]
Durable manufactures
Period
1951
1952
1953
1954
1955 _
1956
1957
1958
_
1959_1 . _ _
_ .
I960
1960: July
August _
September
October _
November
December
1961: January __
February. _
March
April
May__ _
June
July
August *_
1
2
Preliminary.
Not available.
_
_
„
_
__
Primary
metals
Fabricated
metal
products
Machinery
96. 9
88.5
100.3
81.3
105. 5
103. 7
100. 0
78. 0
89.5
90.5
85. 1
82.8
79. 8
78. 3
73. 6
69.3
71.2
72. 6
73. 5
82.0
89.9
92. 3
95. 3
97
90. 0
87. 8
98. 8
88. 8
96. 9
97. 4
100.0
91. 6
103. 9
106. 0
108. 7
107. 7
105. 8
105. 4
101. 0
100.7
96. 5
95.7
96. 3
98.6
104.8
107. 3
109. 0
111
79.6
88.4
96. 4
84. 3
92. 6
102. 8
100.0
85.2
102. 8
106. 4
110.0
107. 2
105. 4
102. 0
101. 9
101. 1
101. 3
100. 8
100. 5
102. 9
1043
107. 3
109. 8
111
Nondurable manufactures
Transpor- Lumber Textiles,
and
tation
apparel,
prodequipand
ucts
leather
ment
59.0
68. 6
86. 2
7a7
95.9
91.5
100. 0
84. 2
97. 8
101. 7
101. 5
101. 3
101. 5
102. 5
96. 8
93. 3
88.9
87.6
88. 1
94,0
99.0
100. 6
102. 2
103
102. 2
100. 9
106. 7
103. 9
114.2
109.9
100.0
99.7
113. 1
106. 6
110. 9
102. 2
103. 0
100. 1
95. 1
95. 9
100. 2
99.2
99. 8
105.7
106. 6
110. 6
112. 2
(2)
90. 1
92. 2
93.6
89. 6
98. 4
101. 1
100.0
99. 2
115. 2
115. 1
118. 7
117.1
112. 1
112. 1
110.9
107.5
105.0
107.4
110. 2
111. 8
113. 3
115. 7
118. 4
118
Paper Chemicals, Foods,
petrobeverand
print- leum, and ages, and
rubber tobacco
ing
81. 1
79. 4
84, 5
86.9
94 6
99.3
100. 0
99. 2
107.6
111. 6
112.3
112. 2
112. 3
112. 8
111. 9
110.8
111. 1
111.4
111. 2
113. 1
113. 6
114. 9
115. 4
115
71. 8
74. 5
80. 2
79. 3
91.8
96. 3
100.0
98. 8
112. 7
117.8
122.0
120. 2
117. 5
117. 1
116. 1
114. 6
114.0
113. 4
113. 3
118.0
121.7
125. 1
126. 5
128
88.3
90. 2
91. 2
92.8
96. 2
99. 8
100.0
102. 1
106.5
109. 4
109. 6
109.7
109. 9
111. 1
109. 3
110.0
110.2
110. 1
111. 2
111. 9
112. 1
113. 1
113. 5
114
Source: Board oi Governors of the Federal Reserve Sj'sf.orn.
15
WEEKLY INDICATORS OF PRODUCTION
Most weekly indicators of production increased in August and early September. Auto assemblies dropped sharply
in August but increased in early September with the start of the new model year.
MILLIONS OF SHORT TONS
MILLIONS OF TONS
(DAILY AVERAGE)
SOURCES; AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR,
_____
EDISON ELECTRIC INSTITUTE. AND WARD'S AUTOMOTIVE REPORTS.
Period
Weekly average:
1956 . _ _ _ _ _ ___
1957 _ _ _ _ _
1958 _
_
1959
__ _
1960
1960: July
August
September
October _
November
December
1961: January
February
March
April _
May
June_ _ _
July 2
August
Week ended:
1961: August
5__
12__
19—
26September 2__
92_
16 2 _
1
I hiily average.
1
Preliminary.
J
Not charted.
16
COUNCIL.OF ECONOMIC ADVISE
Electric
Bituminous Freight Paper board
Steel produced
Cars and trucks
power
coal mined
loaded
produced assembled (thousands)
Index
distributed (thousands (thousands
Thousands
(thousands
of net
(1957-59 = (millions of
of short
Total
of cars)
Cars Trucks
of tons)
tons
100)
kilowatt-hours) tons) J
2,204
2, 162
1,635
1,792
1,899
1, 437
1,544
1, 509
1,550
1, 439
1, 321
1, 448
1,560
1, 600
1, 768
2,027
1,993
1, 831
1, 954
118.3
116.0
87. 8
96. 2
101. 9
77. 1
82.9
81.0
83. 2
77. 2
70. 9
77. 7
83. 7
85. 9
94. 9
108. 8
107. 0
98. 3
104. 9
11,292
11, 873
12,076
13, 206
14, 685
14, 501
15, 080
14, 408
14, 172
14, 394
15, 086
15, 098
14, 854
14, 473
14, 295
14, 223
15, 100
15, 274
15, 917
1, 693
1, 644
1, 380
1,380
1, 390
1, 277
1,359
1, 388
1, 365
1,371
1, 273
1, 303
1, 207
I, 081
1, 202
1,288
1, 432
1, 276
1, 391
728
683
581
596
585
575
592
582
639
545
470
480
489
501
527
555
582
543
593
274
272
275
307
306
267
320
301
323
301
257
274
303
319
316
320
333
268
334
132. 8
138.6
98. 4
129. 5
151. 8
123. 0
80. 6
117. 1
162. 9
156. 3
136. 7
112. 2
113. 2
109. 9
135.8
141. 0
153. 1
118. 8
60.3
111. 6
117. 6
81. 6
107. 6
128. 7
103.5
65. 1
98. 3
145. 3
136. 1
116. 9
93. 8
91. 4
88.7
111. 7
118. 4
127. 5
97. 7
44. 6
21. 2
21. 0
16. 8
21. 9
23. 1
19. 5
15. 5
18.7
17. 6
20. 2
19. 9
IS. 4
21. 9
21. 1
24. 1
22. 6
25. 5
21. 1
15. 7
1, 850
1,910
1, 944
2,020
2,030
2,032
3
2, 032
99. 3
102. 5
104. 4
108. 4
109. 0
109. 1
109. 1
16,
16,
15,
15,
16,
15,
1,321
1, 370
1,375
1,349
1, 368
589
591
595
592
599
513
328
332
328
342
338
262
45. 4
28.1
29. 6
83. 1
115. 0
102. 4
379. 9
32. 5
21. 0
16. 9
61. 4
91. 0
83. 4
63. 5
12. 9
7. 1
12. 7
21.7
24. 1
19. 0
16. 4
137
080
665
491
214
838
Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Kailroads, National Paperboard
Association, and Ward's Automotive Reports.
NEW CONSTRUCTION
Total expenditures for new construction (seasonally adjusted) increased slightly in August.
construction were the same as in July.
BILLIONS OF DOLLARS
Outlays for private
BILLIONS OF DOLLARS
TOTAL NEW CONSTRUCTION
1961
• SEE NOTE 4 IN TABLE BELOW.
SOURCE: DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVISERS
Co n si r u e lion con. tracts 1
Private
Total new
construction
expenditures
Period
1955 _
1956
1957
1958
1959
1959 (new series)
1960
44 2
45. 8
47.8
49. 0
54. 1
56. 6
55. 6
3
Total
32. 4
33. 1
33.8
33.5
38. 0
40. 3
39. 6
Residential
(nonfarm)
Commercial and
industrial
Billions of dollars
18. 7
5. 6
17. 7
6. 7
17. 0
7. 1
18. 0
6.0
22. 3
6.0
25.0
6.0
22. 5
7.0
Other
value,
Federal, TotalStates
State, and 48(index,
local
1947-49 =
100)
8. 1
8. 7
9.6
9.5
9.7
9. 3
10. 0
11.7
12.7
14. 1
15. 5
16. 1
16. 2
16.0
9.9
10. 1
10. 1
10. 1
10. 2
10. 2
10. 0
10. 1
10. 3
10. 4
10. 6
10. 8
10. 8
10. 7
16. 3
16. 4
16. 3
16. 4
16. 5
17. 0
17. 4
17.8
17.3
16. 5
16. 3
16. 9
36. 9
17. 0
Seasonally adjusted annual rates
1960: July
August
September.
October _ _
November
December
1961: January
February
March
April
May_
June
July
August 4
1
_
_ _
55. 8
55. 8
55. 6
55. 6
56. 1
56. 6
56. 0
55. 7
55. 8
55.9
55. 9
57. 6
58. 2
58. 3
39. 5
39. 5
39. 3
39. 2
39. 6
39. 6
38. 6
38. 0
38. 5
39. 4
39. 6
40. 7
41. 3
41. 3
22. 7
22. 4
22. 1
21. 8
22.0
21. 9
20. 6
20. 0
20. 5
21. 4
21. 6
22. 7
23. 3
23. 4
Compiled by F. \V. Dodpe Corporation.
2 Relates to 48 States beginning 1950 and to 37 Eastern States prior to 1956.
Seasonal
adjustment, by National Bureau of Economic Research.
3
In addition to rnaior differences between old and new series, data for
Alaska
6. 8
6.9
7. 1
7. 3
7. 4
7. 5
7. 9
7. 8
7. 7
7. 6
7. 4
7. 3
7. 2
7. 2
Commercial and industrial
floor space
(millions
of square
feet) 2
230. 0
231. 3
235.4
256. 8
265. 4
265. 4
265. 7
299
436
421
359
440
440
461
Seasonally
Seasonally
adjusted
adjusted
annual
rates
285
460
493
276
473
271
294
483
280
489
302
469
273
404
421
239
262
454
261
427
257
433
418
281
277
423
« Preliminary.
Sources: Department of Commerce and F. W. Podge Corporation (except m
noted)
17
HOUSING STARTS AND APPLICATIONS FOR FINANCING
Private housing starts changed little in August and continued at an annual rate of 1.3 million (seasonally adjusted).
The number of FHA applications and VA appraisal requests increased.
MILLIONS OF UNITS (ANNUAL RATE)
MILLIONS OF UNITS (ANNUAL RATE)
2 -
I955
I96I
SOURCES: DEPARTMENT OF COMMERCE, FEDERAL HOUSING ADMINISTRATION(FHA), AND VETERANS ADMINISTRATION (VA).
.COUNCIL OF ECONOMIC ADVISERS^
[Thousands of units]
Total housing
starts (farm and
nonfarm)
Period
Total
private
and
public
(22)
(2)
(2)
()
(22)
()
1954
1955
1956
1957
1958
1959
1959
1, 553. 5
1, 296. 0
1960
1960: July
_
118. 3
August
135. 1
102. 6
September
113.2
October
94. 5
November __ _
December
70. 9
72. 5
1961: January..
February.
81. 0
March
109. 7
April
115. 3
130.7
May 4
June4
138. 3
127. 9
July
129. 2
August 4
1
2
3
18
Private
Nonfarm housing starts
Total
private
and
public
Old
1, 220. 4
(22)
1, 328. 9
(2)
1, 118. 1
(2)
1, 041. 9
()
1, 209. 4
(22)
1, 378. 5
()
New series 3
1, 516. 8 1, 531. 3
1, 252. 1 1, 274. 0
114. 3
116. 6
130.3
133. 0
96. 9
100. 6
110. 4
110. 1
92. 8
93. 5
64. 2
70. 4
69. 8
71. 0
75. 8
77.7
104. 6
107. 3
113. 0
111.0
126. 6
128. 3
132.4
135. 3
124. 7
125. 5
126. 1
126. 3
Private
Total
Government farm and Nonfarm
programs
Total
nonfarm
FHA
VA
series
1, 201. 7 276.3 307.0
1, 309. 5 276. 7 392. 9
1, 093. 9 189.3 270.7
992. 8 168. 4 128. 3
1, 141. 5 295. 4 102. 1
1, 342. 8 332. 5 109. 3
New series 3
1, 494. 6 332. 5 109.3
1, 230. 1 260.9
74. 6
112.6
23.6
7. 4
1,209
1, 227
8.2
128. 2
1,855
26. 3
1,885
94. 9
1,067
6. 8
1,089
21. 9
22. 6
1,237
107. 3
5. 9
1,273
1,206
20. 2
1,220
5. 5
91. 8
996
987
63. 7
4,8
13. 8
68.3
14. 0
4. 9
1, 127
1, 098
72. 5
1, 115
4. 9
1, 169
13. 0
102. 2
1,296
6.4
1, 262
20. 1
6. 1
1,166
108. 7
1, 148
20. 1
1,291
1,268
124. 2
8. 0
23. 7
22. 1
1,881
1,851
129. 4
7.8
122. 3
1,318
21. 6
7.3
1,388
1, 291
1, 817
123. 2
8. 4
25. 1
Units represented by mortgage applications for new home construction.
Not available.
See Housing Starts, C 20-11 (Supplement). Bureau of the Census, May
1900, tor description. (Data for Alaska and Hawaii included.)
Private housing
starts, seasonally adjusted annual rates
Proposed home
construction
Applications for Requests
for VA
FHA
appraiscommitals 1
ments l
338. 6
306. 2
197.7
198.8
341. 7
369. 7
535.4
620.8
401.5
159.4
234.2
234. 0
369. 7
242. 4
19.6
22.9
20. 1
18. 3
14. 8
13. 2
14.3
16.9
24. 0
20. 8
23. 9
23. 4
20. 6
24. 4
234. 0
142. 9
8. 5
12. 4
11. 6
10. 0
10. 3
10.0
9. 4
12. 0
17.7
17.5
14. 7
17. 6
15.1
17.4
* Preliminary.
Sources: Department of Commerce, Federal Housing Administration (FHA),
and Veterans Administration (VA).
TRADE SALES AND INVENTORIES
Trade sales (seasonally adjusted) dropped in July while inventories showed little change.
in August, according to preliminary estimates.
Retail sales were unchanged
BILLIONS OF D O L L A R S *
BILLIONS OF DOLLARS •
RETAIL TRADE
DURABLE GOODS STORES
10
I
,
I
,
I
I
.......I
INDEX, 1947-49 = 100 *
NONDURABLE
GOODS STORES
180
INVENTORIES
14
160 -
-^r*
12
120 8
0
1958
I
1959
I
I960
1
1961
195
•SEASONALLY ADJUSTED.
COUNCIL OF ECONOMJC ADVISERS
SOURCES: DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
Wholesale
Retail
Department stores
Inventories 2
Sales » s
Period
Sales i
Inventories 2
Total
NonDurable durable
goods
goods
stores
stores
Total
NonDurable durable
goods
goods
stores
stores
Billions of dollars, seasonally adjusted
1953
1954
1955
1956
_ _.
1957 __ _
1958
1959
1960
1960: June
July_ _
August
September
October
November
December
1961: January
February
March __ _
April May_
June c6
July
August °
1
Monthly
2
__
9. 8
9. 7
10. 6
11. 3
11. 3
11. 1
12. 3
12.3
12.5
12. 3
12. 3
12. 2
12. 2
12.2
12. 3
12. 2
12. 4
12. 5
12.1
12. 8
12. 8
12. 5
10. 5
10. 4
11. 4
13. 0
12. 7
12. 0
12. 6
13. 2
13.0
13.0
13. 1
13. 1
13. 2
13. 3
13. 2
13. 1
13. 2
13. 3
13. 4
13.5
13. 5
13. 5
14. 1
14. 1
15. 3
15. 8
16. 7
16. 7
18. 0
18.3
18. 5
18. 1
18. 2
18. 1
18.5
18.4
17. 9
17. 8
17. 8
18.1
17.9
18.0
18. 2
18. 1
18. 1
average lor year and total for month.
Book value, end ol period, seasonally adjusted.
* Beginning January 1900, data include Alaska and Hawaii.
* End of period, except annual data, which arc monthly averages.
5. 0
4. 8
5. 6
5. 5
5. 7
5.3
6.0
5. 9
6. 0
5. 7
5. 8
5. 8
6. 1
5.9
5. 5
5. 4
5. 3
5.5
5.4
5. 5
5. 6
5. 5
5. 5
9. 1
9. 2
9. 7
10. 3
11.0
11.4
12. 0
12. 4
12. 5
12. 5
12. 4
12. 3
12.5
12. 5
12. 4
32. 4
12. 4
12. 6
12.5
12. 4
12. 6
12, 5
12. 6
22. 7
22. 1
23.9
23.9
24.5
24.0
24. 3
25. 4
25. 3
25. 4
25. 2
25. 3
25.4
25.4
25. 4
25. 2
24. 9
24. 4
24. 4
24. 5
24. 6
24. 7
10. 7
10. 1
11. 2
10.7
11. 4
10.8
11.0
11. 9
11. 8
11. 9
11. 7
11.8
11. 9
11.9
11. 9
11. 6
11. 4
11.0
10. 9
11.0
11. 1
11. 2
12. 0
12.0
12. 7
13. 2
13. 1
13. 2
13. 3
13. 5
13. 5
13. 5
13. 6
13. 6
13. 5
13. 5
13. 5
13. 6
13. 5
13. 5
13. 5
13.5
13.5
13.6
Sales 1
Inventories 4
Index, 1947-49=100,
seasonally adjusted 5
118
131
118
128
128
136
135
148
135
152
136
148
144
156
145
165
145
164
148
167
144
169
144
168
150
167
142
169
147
165
142
162
145
161
146
161
148
162
144
164
149
164
151
166
150
* Based on retail value.
Preliminary.
_
T ^ ,
* -^
* f ^
f ^
Rcservels ston?
Commerce and Board of Governors of the Federal
6
19
MANUFACTURERS' SALES, INVENTORIES, AND NEW ORDERS
Manufacturers' sales increased in July for the sixth month in a row.
time in almost a year. Durable goods sales and new orders
estimates.
BILLIONS OF DOLLARS*
Inventories increased significantly for the firsf
rose in August, according to preliminary
BILLIONS OF DOLLARS *
MANUFACTURERS' INVENTORIES
60
60
10
DURABLE GOODS
\
£0 _MANUFACTURERS' NEW ORDERS.
NONDURABLE GOODS
\
NONDURABLE GOODS
/
/J
DURABLE GOODS
20
10
1 1 i i I 11
1958
i i i 1 1 l i 11 i i
•g i i i i 1 i it t i
1 1 I I f I I I I I
1959
I960
L_iJ_J
1959
* SEASONALLY ADJUSTED.
SOURCE- DEPARTMENT OF COMMERCE.
.COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, sonsonnlly adjusted]
Manufacturers' sales *
Period
Total
1953
1954
1955
1956 ...
1957
1958
1959
.
I960
. _
I960- July
August
September
October
November
December
1961: January
February
March
April _
May
_>
.Tune 3
3
July
August 3 4
_ __
. __
--
NonDurable durable
goods
goods
24. 5
23.5
26.3
27.7
28. 4
26. 2
29. 7
30. 4
30. 4
30.2
30. 1
29.6
29. 2
29. 1
28. 7
29.0
29. 6
30. 1
30. 8
30. 9
31. 1
1
M o n t h l y average for year and total for month.
2 Hook value, end of period, seasonally adjusted.
Preliminary.
J
20
12.4
11.2
13. 1
13. 8
14. 2
12. 4
14. 5
14. 7
14.7
14. 4
14. 4
14. 1
13. 8
13.6
13.2
13.3
13. 7
14. 1
14. 6
14. 7
14. 8
14. 9
12. 1
12.3
13.3
13. 9
14. 2
13. 8
15. 2
15. 7
15. 7
15. 7
15. 7
15. 5
15. 4
15. 5
15. 5
15.7
15. 9
16. 0
16. 2
16. 2
16. 2
Manufacturers' inventories 2
Total
45. 4
43.0
46. 4
52. 3
53. 5
49. 2
52. 4
53. 7
54. 9
55. 0
54. 7
54. 4
54. 0
53. 7
53. 7
53. 6
53. 3
53. 4
53. 4
53. 4
53. 6
Durable
goods
Nondurable
goods
26. 2
24. 1
26. 7
30.7
31. 1
27. 9
30. 1
30. 9
32. 0
32. 1
31. 8
31.4
31. 1
30. 9
30. 8
30.6
30. 3
30. 2
30. 2
30. 2
30. 4
19. 2
18. 9
19. 7
21. 6
22. 4
21.3
22. 3
22. 9
22. 8
22. 9
22. 9
23.0
22. 9
22. 9
22. 9
23.0
23. 0
23. 2
23. 2
23. 2
23. 2
Manufacturers' new orders
Total
23. 1
22. 5
27. 2
28.3
27. 3
25.9
30. 1
29. 9
29. 2
30. 0
30. 4
29. 2
29. 0
28. 7
28. 5
29. 1
29. 9
30. 4
31. 1
31. 1
31. 2
* Not charted.
Source: Department of Commerce.
l
Durable goods
NonMachinery durable
and
goods
Total
equipment
12. 1
11. 0
3.3
10. 2
12.3
3. 1
13. 9
4.2
13.3
14. 4
4. 7
13.9
13. 1
4. 4
14.2
12.0
13.9
3.9
14. 9
15. 3
5. 0
14.3
4. 9
15. 7
13. 8
15. 4
4. 8
14. 4
15. 6
5. 0
14. 6
15. 8
4. 9
13. 7
4. 7
15. 5
13. 6
4. 8
15.4
13.2
4. 7
15. 5
4.8
12. 9
15. 6
4.8
13. 4
15. 8
13. 8
16. 0
5. 1
14. 4
16. 1
5. 0
5.2
14. 8
16. 3
14. 9
16. 2
5. 3
15. 0
5. 2
16. 1
15. 3
5. 5
MERCHANDISE EXPORTS AND IMPORTS
The merchandise trade surplus (seasonallly adjusted) decreased again in July.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
2.5
SEASONALLY ADJUSTED
2.0
*
MERCHANDISE EXPORTS EXCLUDING
MUTUAL SECURITY PROGRAM
SHIPMENTS
X
1.5
1.5
1.0
1.0
1955
SOURCES: DEPARTMENT OF COMMERCE , AND DEPARTMENT OF DEFENSE.
Period
COUNCIL OF ECONOMIC ADVMJERS
[Millions of dollars]
Merchandise exports excluding
Merchandise imports
Mutual Security Program shipments
Total (includGeneral 2imImports for consumption *
Domestic exports
ing reexports)1
ports
Indus- Finished
Indus- Finished
Season- Unad- Total i Food- trial
manumanu- Season- Unad- Total Food- trial
ally ad- justed
ally
adstuffs matefacfac- l
stuffs matejusted
justed
justed
tures
rials
rials
tures
Monthly average:
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1, 164
1, 100
1,022
1, 071
1, 191
1, 444
1, 625
1,364
1, 366
], 629
._ _
_
1960: June
July___
August
September
October
November
December
1961: January
February.
March__
April
May_
June
Jnlv. _
1
1,626
1, 7 36
1, 622
1, 610
1, 707
1, 677
1, 621
1, 649
1, 764
jf. 687
1, 655
1, 654
1, 591
1, 707
1, 637
1, 629
1, 547
1,557
1,690
1, 724
1, 743
1, 539
1, 606
1,889
1, 647
1, 671
1, 644
1, 558
345
1, 151
190
1,088
300
175
1,012
254
143
310
1,060
131
162
1, 180
351
1, 432
441
216
529
1, 610
208
1,350
368
198
365
1, 351
210
230
509
], 613
Unadjusted
1, 621
221
525
1,612
210
510
501
1,529
218
242
476
1, 541
524
246
1, 676
569
1,710
247
1,724
250
580
494
1, 511
222
492
1, 594
245
1, 859
283
525
242
454
1, 629
262
474
1,653
457
1, 623
239
446
231
1, 539
Total exports less Department of Defense shipments of grant-aid military
supplies
and equipment under the Mutual Security Program.
2
Imports for immediate consumption plus entries into bonded warehouses.
914
893
906
851
949
1,051
1,082
1,070
1, 267
1, 221
616
612
614
620
667
775
872
784
776
874
876
892
810
822
905
894
894
795
856
1, 051
933
917
927
862
3
1,265
1,258
1, 228
1, 177
1, 196
1, 128
1, 100
1, 119
1, 122
1, 127
1, 129
1, 117
1, 181
1, $71
1, 307
1, 150
1, 229
1, 160
1, 157
1, 161
1, 157
1, 124
1,046
1, 230
1, 042
1, 194
1, 220
1, 208
901
258
485
896
263
459
441
274
898
276
853
394
945
260
468
1,043
267
508
1,079
274
511
1,062
287
450
534
1,249
285
274
1, 221
509
Unadjusted
288
1, 289
551
1, 140
257
466
1,246
280
539
478
1, 159
269
1, 157
268
463
1, 176
280
465
474
1, 151
265
1, 112
260
470
250
1,037
438
502
311
1, 235
1, 046
251
428
497
204
1, 188
492
1, 189
287
1, 241
275
51 1
158
174
183
183
217
268
294
325
431
438
450
417
427
412
425
431
412
382
348
422
367
427
410
4f»r>
>rts for imrnedi
immediate consumption plus withdrawals for consumption from
Imports
bonded warehouses.
Sources: Department of Commerce and Department of Defense.
/Ltji
U.S. BALANCE OF PAYMENTS
Despite a sharp drop in exports and a slight rise in imports, net international payments in the second quarter fell by a
further $2.4 billion (seasonally adjusted annual rate) and the United States ran an over-all balance of payments
surplus for the first time since 1957. However, special debt repayments on U.S. Government loans more than accounted
for the improvement.
BILlJONS OF DOLLARS *
BILL.IONS OF DOLLARS *
40
40
U.S. PAYMENTS
TOTAL
U.S, PAYMENTS *^^
^-*-***X^
30
'~~-<*^
^-
-<
—
<s
30
U.S. RECEIPTS
20
20
10
10
I
0
|
j
I
1
I
1
I
I
I
!
1
;SC, ," ,^J-\ ^IMPORTS OF GOODS" v
s
V
,
* \ ' AND SERVICES
\ ! *v'
'
-
?;:=,'. "/: .
. /; . - . . , . ' .
' .,
%
, ,*
- 'x - , -
0
20
40
U.S. RECEIPTS
TOTAL
10 - EXCESS OF RE
0
30
« u ti y y tl y H
-10
EXCESS OF P AV ** CM ' re
-20
I
u u
B |
" "X^^^^f^^^
^iaTirt*1wrw™^^^ -
m
U
=
'- ' /
10
fEXPORTsfbF GOODsT ,
. .%7 AND SERVICES--.'.
; ,,.v:
l
l
1958
l
i
i
1959
i
i
i
i
I960
'"',' ^ h •
20
l
i
,/; •;••-;;:;--:/-'•,,/
0
1961
1958
1959
I960
1961
ASONALLY ADJUSTED ANNUAL RATES.
^SE CLUDES UNRECORDED TRANSACTIONS, EXCLUDES LIQUID DOLLAR ASSETS
sc URGE: DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
U.S. receipts
(recorded)
Period
1953
1954
1955
1956
1957
1958
1959
1960
_
Exports
of
goods
and
services
_
1960: First quarter
Second quarter
Third quarter
Fourth quarter
1961: First quarter ___
Second quarter
1
2
17, 081
17, 949
20, 003
23, 705
26, 733
23, 325
23, 709
27, 300
26,
27,
27,
28,
28,
27,
260
312
416
212
456
548
Foreign
capital Imports
other
of
than
goods
liquid
and
dollar
assets services
(net)
156
210
351
576
428
-27
709
200
724
372
68
-364
796
992
Increase
in foreign
Balance
Unregold and
on recorded
corded
U.S. grants and capital (net)
recorded
transactransliquid
tions—U.S.
actions
dollar
and
Govern- Private capital [net pay- errors
assets
omissions
ment
ments ( — )
through
Total i grants
(net
transacor receipts receipts)
and
Total Direct
tions with
(+)]
capital
the U.S.
U.S. payments (recorded)
16, 644
16, 088
17, 937
19, 829
20, 923
21, 053
23, 537
23, 327
23,
24,
23,
22,
22,
22,
700
096
496
016
084
164
3,041
2,055
369
721
-2, 448
1, 554 1, 619
664
-1,717
3,788
2, 211 1, 211
4,007
779
-1, 590
2, 362 2, 990 1,859
6, 017
1, 565
2, 574 3, 175 2,058
6, 451
213
3, 908
6, 153 2 2, 587 2, 844 1,094
2
1, 986 2, 375 1,372
5, 152
-4, 271
7,454
2, 750 3, 856 1,694
-3,281
Seasonally adjusted annual rates
-2,612
2,328 2,776 1, 376
5, 896
6, 072
2, 780 2, 440 1,040
-2, 484
7,588 3 2, 420 4 4, 340 4 1, 624 34— 3, 600
3, 472 5, 868 2, 736
-4, 428
10, 260
-1,304
3,476 4, 156 2,048
8,472
2, 180
96 3,216 1, 412
4, 196
Includes remittances and pensions not shown separately.
Excludes $1,375 million increase in U.S. subscription to International Monetary
Fund.
3
Includes U.S. subscription to International Development Association of
$74 million ($2% million at annual rate).
< Includes single direct investment transaction of $370 million ($1,480 million
at annual rate).
22
296
167
446
643
748
380
528
-648
2, 152
1, 550
1, 144
922
-535
3,528
3,743
3,929
132
-568
-848
— 1, 308
-100
-1, 184
2, 480
3, 052
4, 448
* 5, 736
1,404
5
— 996
3
* Includes special debt repayment on U.S. Government loans of $650 million
($2.6 billion at annual rate).
NOTE.—Data exclude goods and services transferred under military grants.
Source: Department of Commerce.
PRICES
CONSUMER PRICES
The consumer price index rose 0.4 percent in July. Seasonally higher prices for food accounted for a major part of
the advance, but prices for commodities other than food and services also rose.
INDEX, 1947-49=100
INDEX, 1947-49 = 100
150
140
130 "^Z*
100
1955
1961
SOURCE: DEPARTMENT OF LABOR.
f" ECONOMIC ADVISERS
[1947-49 = 100]
Commodities
Period
1950
. .__ . ...
1951 _ -_
-.
1952
1953-.
1954
_ _ _
1955
_-_ _
1956
_ _
1957
1958
___ ___
1959
I960.
1960: June
July
August
_
September
OctoberNovember
December
1961: January
February
March_
_ __ _ _ _ _ _ _
April __
Mav__
June
July
Source: Department of Labor.
All
items
102. 8
111. 0
113. 5
114. 4
114. 8
114. 5
116. 2
120. 2
123.5
124. 6
126. 5
126.5
126. 6
126. 6
126. 8
127. 3
127. 4
127. 5
127.4
127. 5
127. 5
127. 5
127. 4
127.6
128. 1
All commodities
101. 2
110. 3
111. 7
111. 3
110. 2
109. 0
110. 1
113. 6
116.3
116. 6
117. 5
117. 6
117. 7
117.6
117. 7
118. 2
118. 3
118. 4
118.0
118. 1
118. 0
117. 9
117. 7
118.0
118. 7
Services
Commodities less food
Food
All
101. 2
112. 6
114. 6
112. 8
112. 6
110. 9
111. 7
115. 4
120. 3
118. 3
119. 7
120. 3
120. 6
120. 1
120. 2
120. 9
121. 1
121. 4
121. 3
121. 4
121. 2
121. 2
120. 7
120. 9
122.0
101. 3
108. 9
109. 8
110. 0
108. 6
107. 5
108. 9
112. 3
113. 4
115. 1
115. 7
115. 3
115. 4
115. 5
115. 6
115. 9
115.9
115. 9
115. 4
115. 5
115. 4
115. 2
115. 3
115. 6
116.0
All
Nonservices
Durable durable
104. 4
112. 4
113. 8
112. 6
108. 3
105. 1
105. 1
108. 8
110. 5
113. 0
111. 6
111. 5
111. 1
111. 0
110.0
110. 9
110.7
110. 8
110. 2
110. 3
109. 9
110. 7
110. 8
111. 2
111. 5
100. 9
108. 5
109. 1
110. 1
110. 6
110. 6
113. 0
116. 1
116. 9
118.3
1 20. 1
119. 6
119. 9
120. 1
120. 9
120. 9
121. 1
121. 0
120. 5
120. 6
120. 7
120. 0
120.0
120. 3
120. 6
108. 5
114. 1
119. 3
124. 2
127. 5
129. 8
132. 6
137. 7
142. 4
145. 8
150. 0
149. 7
150. 0
150. 3
150. 8
151. 2
151. 3
151. 4
151. 7
151.9
152. 2
152. 3
152. 5
152. 7
152. 8
Rent
108. 8
113. 1
117. 9
124. 1
128. 5
130.3
132. 7
135. 2
137. 7
139. 7
141. 8
141. 6
141. 8
141. 9
142. 1
142. 5
142. 7
142. 8
142. 9
143. 1
143. 1
143. 3
143. 4
143. 5
143. 6
Services
less
rent
108. 1
114. 6
120. 1
124. 6
127.7
130. 1
133. 0
138. 6
143. 8
147. 5
152. 1
151.8
152. 1
152. 5
153. 0
153. 4
153. 6
153. 6
154.0
154. 2
154. 6
154. 7
154.9
155.0
155. 2
23
WHOLESALE PRICES
Wholesale prices increased in Augusf, mainly reflecting seasonal advances in the prices of farm products and processed foods.
INDEX, 1947-49*100
INDEX, 1947-49=100
COMMODITIES OTHER THAN FARM
PRODUCTS AND FOODS
(INDUSTRIALS)
- 130
120
100
1961
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
All
commodities
Period
1953
1954 _ .
..
1955
1956
1957
1958
1959 .
. .
I960
_ _ ..__ - _ _
_
1960: Julv
August
September
October
November^ _ _ _ _ _ _
December.
1961: January
February
March
_
April
May
June
Julv
August
Week ended: 4
1961: September 5
12.
1
_
_
_
_
110. 1
110.3
110. 7
114. 3
117. 6
119. 2
119. 5
119. 6
119. 7
119. 2
119. 2
119. 6
119. 6
119. 5
119. 9
120. 0
119. 9
119. 4
118. 7
118. 2
118. 6
119. 0
118. 7
118. 7
[1947-49 = 100]
Commodities other than farm products and foods (industrials)
Consumer finIndusIndusFarm
Procished goods exAll intrial
trial in- Producprodessed
fincluding food
dustricrude termedi- er
ucts
foods
ished
DurNonals1
mate- ate magoods
terials 2
able
durable
rials
104. 6
114. 0
106.9
97. 0
116. 2
113. 8
123. 1
108. 5
114 7
107. 2
114. 5
116. 7
1247
105. 3
95. 6
103. 3
89. 6
101. 7
117. 0
120. 1
115. 9
107.8
128. 5
113. 4
122. 2
119. 7
109. 9
88. 4
101. 7
126. 0
138. 1
120. 0
112. 4
123. 3
90. 9
129. 3
105. 6
125. 6
146. 7
118. 3
110. 9
94. 9
129. 1
150. 3
125. 0
126. 0
113. 7
111. 7
107.0
128. 2
126. 5
113. 4
89. 1
120. 0
153. 2
131. 2
107. 7
126. 0
114 1
128. 3
88. 8
131. 7
153. 5
115. 3
114 1
sa 9 ioa 9 128. 2 114 8 131. 7 153. 6 126. 3
107. 8
126. 2
114. 4
131. 6
153. 7
114 6
86. 6
128. 2
152. 5
108. 1
127. 9
87. 7
123. 6
114. 8
114. 2
131. 5
109. 0
128.0
112. 7
131.3
89. 5
153. 4
125. 7
114 8
1147
109. 1
127. 9
153.6
89. 9
131. 0
125. 8
111. 8
109. 2
127. 9
114 7
88. 7
111. 0
130. 9
1 53. 8
125. 8
109. 9
89. 7
128. 1
154 0
111. 3
130. 8
125. 8
1149
115.2
128. 1
112. 1
90. 0
110. 5
130. 7
153. 9
125. 6
109. 6
128.2
89. 9
130. 7
153. 8
125.5
115. 0
113. 3
114 2
108. 7
128. 0
153. 7
125.5
88. 5
113. 3
130. 6
107. 5
127. 6
129. 9
86. 8
153. 7
125. 5
113. 5
113. 3
127. 4
125. 6
106. 7
129. 8
153. 9
85. 1
113. 6
113. 8
129. 6
87. 1
114. 4
153. 8
107. 5
127. 4
125. 6
113. 9
108.2
129. 6
153. 7
125. 6
115.8
114 1
127.4
88.8
86. 9
87. 4
108. 2
107. 9
< - o v o r a p e of the subgroups does not correspond exactly to coverage of this
• KxHudes intermediate materials for food manufacturing and manufactured
tuuiiial feeds; includes, in part, grain products for further processing.
24
3
Not
4
127. 4
127. 3
(33)
()
(33)
()
(33)
()
(33)
()
(33)
()
available.
Weekly series based on smaller sample than monthly series.
NOTE.—Series revised beginning January 1961 to incorporate 1958 weights.
Source: Department of Labor.
PRICES RECEIVED AND PAID BY FARMERS
The index of prices received by farmers rose about 2 percent in the month ended August 1 5.
but at a slower rate than prices received. As a result the parity ratio advanced one point.
INDEX, 1910-14 = 100
325
Prices paid also rose
INDEX, I9l0-I4a
250
250
225
225
200
200
RATIO 17
RATIO M
100
PARITY RATIO
—S******. n.....,A-"~^...^.X*'""-*-*«--"-..-n..""""
1
! 1 1 1 1 I
1955
11 1
'""""-<>^^^f.nn.unrtwa^
" ^ **"*****„*»««•
75
1 1 1 1
1956
1957
1959
1958
I960
INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST,TAXES, AND WAGE RATES.
SOURCE: DEPARTMENT OF AGRICULTURE.
1961
COUNCIL 0> ECONOMIC ADVISERS
Prices received by farmers
Period
1951.
1952
1953
1954
1955__
- __
1956
1957
1958
1959_
1960
1960: July 15
August 15
September 15
October 15
November 15
December 15
1961: January 15
February 15
March 15_
_
April 15 _ _ _
Mav 15 _
June 15
July 15
August 15
All farm
products
_.
_
_
_
_ _ _
Crops
302
288
255
246
232
230
235
250
240
238
236
234
238
241
241
242
241
244
243
239
236
234
237
241
1
Percentage ratio of index of prices received by farmers to index of prices paid,
interest, taxes, and wage lates.
265
267
240
242
231
235
225
223
221
221
222
219
222
222
219
217
218
221
224
226
230
231
232
229
Prices paid by farmers
All items,
interest,
Livestock taxes,
Family
Producand
and
living
tion
wage
rates
products
items
items
(parity
index)
Index, 1910-14=100
282
273
268
336
274
306
271
287
256
269
268
277
270
255
249
277
234
251
276
270
274
250
226
278
282
244
257
286
264
287
273
293
256
266
297
288
290
265
253
299
290
263
249
298
262
290
247
298
290
263
251
298
262
257
290
297
262
291
260
297
291
265
263
298
267
291
261
301
267
291
302
263
269
290
302
259
267
290
302
251
266
291
241
302
265
290
236
300
264
290
241
300
265
290
301
251
Parityl
ratio
107
100
92
89
84
83
82
85
81
80
79
79
80
81
81
81
80
81
80
79
78
78
79
80
Source: Department of Agriculture.
25
MONEY SUPPLY
The money supply changed little in August, which is the norma! seasonal pattern.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
150
^gff***t******^***1*^
TOTAL MONEY SUPPLY
r
tfa^
130
150
AVERAGES OF DAILY FIGURES, SEASONALLY ADJUSTED
*-—
<^~~^
I4O
^ -^-^
^
^—
- 130
nFMAhin nFPnsiTS AT AI i
COMMERCIAL BANK S
120
1
110 -
S*****1**
1
„—— -,"--^—.— • gl^^ *""
**
110
S*+~~~ "*"""**
100
90
90 -
i i i i i I i i i i i
80
1956
1955
1957
1959
1958
, , , , , 1 , 1 . 1 ;
I960
SOURCE: BOARD OF GOVERNORS OF THE F E D E R A L R E S E R V E SYSTEM.
Total
1953:
1954:
1955:
19561957:
19581959:
1960:
1960:
December
December. __
December
December
December
December
December. _ __
December __ _ _
July.__
._ _ _
August
September
October
November
December
1961* January
February- _ _ _ _
March
April
Mav
June
J u l y _ _ _ _ __
August 2
First half 2
Second half _
1
2
_ _
_ _
___
._
_ _
Deposits at all commercial banks.
Preliminary.
26
128. 1
131. 8
134. 6
136. 5
135. 5
140. 8
141. 5
140. 4
139. 6
139. 7
140. 4
140. 6
140. 2
140. 4
140. 6
141. 2
141. 5
142. 0
142. 0
142. 1
142. 0
141. 9
141. 9
141. 9
I 1 1
!
1
1
1 1
1 1^
8O
196!
COUNCIL OF ECONOMIC ADVISERS
|Averages of daily figures, billions of dollars]
Money supply
Seasonally adjusted
|
Unadjusted
Period
1
Currency
outside
banks
Demand
deposits l
27. 7
27. 4
27. 8
28. 2
28. 3
28. G
28. 9
29. 0
28. 9
28. 9
29. 0
29. 0
29. 0
29.0
28. 9
28. 9
29. 0
29. 0
29. 0
28. 9
29. 0
29. 0
29. 0
29.0
100. 4
104. 4
106. 8
108. 3
107. 2
112. 2
112. 6
111. 4
110. 7
110. 8
111. 5
111. 6
111. 2
111. 4
111. 7
112. 3
112. 6
113. 0
113. 0
113. 2
1 13. 0
112. 9
112. 9
112. 9
Total
131. 4
135. 0
137. 9
139. 7
138. 8
144. 3
144. 9
143. 8
138. 7
138. 9
139. 7
1 40. 6
141. 4
143. 8
143. 7
140. 9
140. 1
141. 7
140. 0
140. 7
141. 1
141. 2
141. 9
140. 4
Currency
outside
banks
Demand
deposits *
28. 2
27. 9
28.3
28.7
28.9
29. 2
29. 5
29. 5
29. 1
29. 0
29. 1
29. 1
29. 2
29.5
28. 8
28. 6
28. 6
28. 7
28. 7
28. 9
20. 2
29^ 2
29. 3
29. 1
103. 3
107. 1
109. 6
111. 0
109. 9
115. 1
115. 5
114. 3
109. 6
109. 8
110. 7
111. 5
112. 2
114. 3
114. 9
112. 3
111. 4
113. 0
111. 3
111. 8
111. 9
112. 0
112. 7
111. 4
Related deposits
(unadjusted) 1
U.S.
Gross
Governtime
ment
demand
44. 7
3. 8
48. 5
5. 0
50. 0
3. 4
3. 4
51. 8
57. 1
:.! 5
3. 9
65. 1
4. 9
67. 0
72. 5
4. 7
69. 5
6. 7
70. 3
6. 1
5. 4
71. 2
5. 7
71.8
72. 0
5. 8
72. 5
4. 7
73. 7
4, 1
4. 8
75. 1
75. 9
4. 7
2. 9
76. 9
78. 1
4. 6
79. 0
4, 5
4. 3
79.9
80. 6
4. 8
80. 5
5. 1
80. 8
4. 5
NOTE.—See note, p. 27.
Source: Board ol Governors oi the Federal Reserve System.
BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Commercial bank loans rose $400 million in August, compared to $500 million in August 1960,
BH_LIONS OF DOLLARS
BILLIONS OF DOLLARS
200
ISO
too
1955
1958
1961
END OF MONTH
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
COUNCIL OF ECONOMIC ADVISERS
All commercial banks .
End of period
1953
1954 _ _ _ _ _ _
1955__
1956
1957
1958
1959
1960
1960: July
August
September
October
November
December
1961: January
February
March 5
April 55 _ _
May
June55
July 5
August _
,
_ _
_ _ _
Investments
Total
loans
and
investments
Loans
1 15. 7
155. 9
160. 9
165. 1
170. 1
185. 2
190. 3
199. 5
190. 9
191. 2
193. 3
195. 6
195. 5
199. 5
197. 0
199. 3
198.0
199. 7
201. 0
202. 3
204, 9
205. 0
67. 6
70. 6
82. 6
90. 3
93. 9
98. 2
110.8
117. 6
114. 2
114. 7
115. 4
114, 8
115. 0
117. 6
114. 2
116. 7
116. 6
117. 2
117. 6
118. 2
117. 7
118. 1
U.S. Government
securities
Billions of dollars
14. 7
63. 4
16. 3
69. 0
61. 6
16. 7
16. 3
58. 6
58.2
17. 9
66. 4
20. 6
20. 5
58. 9
61. 0
20. 9
20. 0
56. 7
20. 0
56. 6
20. 2
57. 7
CO. 4
20. 4
20. 3
60. 2
20. 9
61. 0
20. 9
61. 9
21. 3
61. 3
21. 7
59. 7
60. 7
21. 8
21. 9
61. 5
22. 2
62. 0
22. 4
64. 8
22. 6
64. 3
1
Member banks are all national banks and those State banks which have taken
membership in the Federal Reserve System.
Other
securities
Weekly
reporting
member1
banks
Business
loans 2
23. 4
22. 4
26. 7
30. 8
31. 8
2
31. 7
2
30. 5
31. 9
31. 0
31. 0
31. 5
31. 4
31. 7
31. 9
31. 2
31. 3
32.0
2
31. 7
31. 5
31. 8
31. 3
31. 5
2
Bank
All member banks 1
debits
outside
New York
Reserves 4
BorrowCity (343
ings at
centers) ,
Federal
seasonally
adjusted Required Excess Reserve
Banks 4
annual3
rates
Millions of dollars
441
1, 126
19, 227
693
246
1, 148 18, 576
703
839
594
] 8, 646
1,277
652
688
1,385 18, 883
710
577
1, 468 18, 843
557
1, 481 18, 383
516
1 8, 450
482
906
1, 656
18, 514
769
87
1, 736
18, 010
388
508
1, 699
17, 961
293
1, 790
540
639
225
1, 742 17, 931
149
1, 722 18,095
638
] 42
18, 248
1, 768
756
769
87
18, 514
1, 711
49
1, 783
18, 570
745
137
1, 775
654
18, 310
70
1, 775
18, 263
546
1, 788
56
18, 266
618
1,872
1 8, 307
!M
549
612
03
18, 430
1, 84-6
r>i
18,
482
581
1, 817
67
605
18, 619
1,854
f
Preliminary.
NOTE.—Between January and August 1959, series for nil commercial Imnk.n
expanded to include data for all banks in Alaska and Hawaii. Data for all member banks include Alaska and Hawaii for all periods.
Source: Board of Governors of the Federal Keserve System.
2Y
CONSUMER CREDIT
In July, consumer credit outstanding declined $100 million compared to a rise of $150 million in July 1960.
BILLIONS OF DOLLARS
60
BILLIONS OF DOLLARS
ISO
TOTAL CREDIT OUTSTANDING
M i i i i i 1 . t . . i I i i t i i.l i i t i i 1 t i t i i f f
ft I i i i t i f 'i i i i i I i i i i i I i i i i i I i i i i i I j . i i i I i i i i i l l
1955
I
1956
1
1957
I960
1959
1958
1961
SOURCE: BOA^OOF GOVERNORS OF THE FEDERAL RE^EWE SYSTEM.
Period
1951
1952
1953
1954.
_ __ ___
1955
_ _ _ _ _ _
1956
1957
1958
_ ...
1959
_
_ _ _
1960
1960: June
July
August
September _ _
October
_ _
November
December
1961: January
February
March
April
May
June
July
[Millions of dollars]
Consumer credit outstanding
(end of period; unadjusted)
Instalment
NonAutomoTotal
instal-3
Total *
bile 2
ment
paper
22, 712
27, 520
31, 393
32, 464
38, 882
42, 511
45, 286
45, 544
52, 119
56, 049
53, 662
53, S09
54, 092
54, 265
54, 344
54, 626
56, 049
55, 021
54, 102
53, 906
53, 972
54, 390
54, 786
54, 687
15, 294
19, 403
23, 005
23, 568
28, 958
31, 897
34, 183
34, 057
39, 852
43, 281
41, 752
42, 050
42, 378
42, 517
42, 591
42, 703
43, 281
42, 782
42, 264
42, 058
41, 988
42, 127
42, 441
42, 457
5,972
7,733
9, 835
9, 809
13, 472
14, 459
15, 409
14, 237
16, 549
17, 866
17, 755
17, 893
18, 020
18, 021
17, 992
17, 967
17, 866
17, 611
17, 383
17, 265
17, 200
17, 242
17, 358
17, 358
7,418
8, 117
8, 388
8, 896
9, 924
10, 614
11, 103
11, 487
12, 267
12, 768
11, 910
11, 759
11, 714
11, 748
11, 753
11, 923
12, 768
12, 239
11, 838
11, 848
11, 984
12, 263
12, 345
12, 230
Consumer instalment credit extended and
repaid (seasonally adjusted)
Automobile paper 2
Total i
Extended
23, 576
29, 514
31, 558
31,051
39, 039
40, 175
42, 545
40, 789
49, 045
50, 343
4, 313
4, 214
4,072
4, 125
4, 108
4, 134
4,007
3, 869
3, 803
4, 002
3,883
4,001
4, 116
3,961
Repaid
22, 985
25, 405
27, 956
30, 488
33, 649
37, 236
40, 259
40, 915
43, 407
46, 914
3, 934
3, 997
3,918
3,958
3,994
3, 946
3, 931
3, 972
4,011
3, 954
4, 022
3,974
4, 016
4,035
Extended
8,956
11, 764
12, 981
11, 807
16, 745
15, 563
16, 545
14, 316
17, 941
17, 839
1, 538
1, 417
1, 422
1,422
1,460
1, 482
1, 325
1, 239
1, 190
1, 288
1, 243
1, 315
1, 347
1, 301
Repaid
9, 058
10, 003
10, 879
11,833
13, 082
14, 576
15, 595
15, 488
15, 698
16, 522
1, 392
1,385
1,388
1, 375
1,417
1, 397
1, 356
1,387
1, 363
1, 353
1,388
1,365
1, 386
1, 403
ided beginning January and August
il Reserve System.
BOND YIELDS AND INTEREST RATES
The rate on 3-month Treasury bills and yields on bonds averaged higher in August than in July.
PERCENT PER ANNUM
PERCENT PER ANNUM
1961
1955
SOURCES: SEE TABLE BELOW.
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
If. JS. Government
High-grade
security yields
municipal
bonds
3-month
Taxable
Treasury
2
(Standard 3 &
bonds
bills »
Poor's)
0. 953
2. 55
2. 37
2. 84
1. 753
2. 53
2.658
3.08
2. 93
3. 267
3. 47
3. 60
1. 839
3. 43
3. 56
3. 405
4. 08
3. 95
4. 02
2. 928
3. 73
2. 396
3. 72
3. 86
2. 286
3. 79
3.53
3.84
2.489
3. 53
2. 426
3. 91
3. 59
2. 384
3.93
3. 46
2.272
3. 88
3. 45
2. 302
3. 89
3. 44
2. 408
3. 81
3.33
2. 420
3.78
3. 38
2. 327
3. 80
3. 44
2. 288
3. 73
3. 38
2.359
3. 88
3. 53
2. 268
3. 90
3. 53
2. 402
4. 00
3.55
Period
1954
1955
1956
1957
1958
___
1959_ _
1960
1960: July
August _ __
*
September.
October
November «
December
1961: January
February
March.
April _ _ _ _
Mav__ _
June
July
August. _ _
Week ended:
1961: August
,«_ ___ _
5
12
19
26 _
September 2
9
16
1
2
_
__
2.
2.
2.
2.
2.
2.
2.
300
366
519
503
321
392
328
Rate on new issues within period.
Series includes: April 1953 to date, bonds due or callable 10 years and after;
April 1952-March 1953, bonds due or callable after 12 years; October 1941-Marcb.
1952, bonds due or callable after 15 years.
3. 95
4.03
4. 01
4. 01
4. 01
4.02
4
4. 06
3.52
3. 56
3. 56
3. 56
3. 56
3. 57
3. 57
Corporate bonds
(Moody's)
Aaa
4
Baa
2. 90
3. 06
3. 36
3. 89
3. 79
4 38
4. 41
4. 41
4. 28
4. 25
4. 30
4. 31
4. 35
4. 32
4.27
4. 22
4. 25
4. 27
4. 33
4. 41
4. 45
3. 51
3. 53
3. 88
4, 71
4. 73
5. 05
5. 19
5.22
5.08
5. 01
5. 11
5. 08
5. 10
5. 10
5. 07
5.02
5. 01
5. 01
5.03
5.09
5. 11
4. 45
4. 45
4. 45
4. 44
4. 44
4. 46
4. -11)
5.
5.
5.
5.
5.
f>.
11
11
12
11
12
12
r>. 12
Weekly data are Wednesday fh'iires.
< ,\Toi churn 1 *!.
Sources: Treasury Department'. ; Hoard of Governor,': of th
Reserve System, Standard & Poor's Corporation, and Moody':,
Service.
'
Prime
commercial
paper,
4-6
months
1. 58
2. 18
a 31
3. 81
2. 46
3. 97
3.85
3.39
3. 34
3. 39
3. 30
3. 28
3. 23
2. 98
3. 03
3.03
2. 91
2. 76
2. 91
2.72
2. 92
2. 75
2. 83
:i. oo
3. 00
:i. of)?
4 :;. i; ,
;i os
3
OQ
STOCK PRICES
Stock prices averaged higher in August than in July but changed little in early September.
INDEX, 1957-59*100
180
INDEX, 1957-59=100
180
160
120
100
1955
1956
1957
I960
1961
COUNCIL OF ECONOMIC ADVVSH4
SOURCE: SECURITIES AND EXCHANGE COMMISSION.
[1957-59=1001
Composite
index 1
Period
Weekly average:
1952
1953
1954___ _
1955
_ _ _ _ ___
1956
1957
1958
1959 __
__
1960
1960: July _
„_ . _ _
August
September
October
November
December
1961: January
February
March
April
Mav
__
June
July
August
Week ended:
1961: August
18 _
25
September 1
8
15 2
Manufacturing
NonDurable
Total
durable
goods
goods
Utilities
Trade,
finance,
and
service
Mining
52. 3
51. 9
61. 7
81.8
92. 6
89.8
93.2
116. 7
113. 9
114. 5
115. 6
112. 1
109. 1
112. 6
115. 2
120.9
125.4
129. 8
133. 0
134. 9
132. 8
132. 7
137. 4
46. 8
46. 7
57. 6
79. 5
93.2
90.7
92. 5
116. 5
110. 9
111. 2
112. 2
107. 6
104. 9
108. 5
110. 3
115. 3
119. 2
123. 9
125. 8
127. 6
126.0
125. 2
130. 1
42. 1
43. 0
54.7
78.7
91.5
88.5
90. 4
120. 8
117. 3
119. 0
119. 8
114. 1
109. 4
113. 0
114. 5
118. 6
121. 4
127. 8
128. 5
130. 6
128. 0
126. 5
131.3
50. 7
49. 8
60. 0
80. 1
94. 5
92.8
94. 4
112. 6
104. 9
104. 0
105. 1
101. 7
100. 8
104. 5
106. 4
112. 2
117. 3
120. 3
123. 3
124. 9
124. 2
123. 9
129. 0
74. 6
73. 9
78. 6
108.2
110. 6
93. 2
91. 0
115. 6
95. 8
95. 7
96. 1
91. 5
88.0
91. 7
92. 6
100. 3
102. 6
104. 2
103.4
107. 5
105. 1
103. 2
107. 0
65. 4
67. 3
75. 3
84. 8
86.4
86.3
95. 8
117. 6
129. 3
131. 0
132. 6
134. 2
130. 5
132. 0
138. 5
148. 7
156. 0
159.2
168. 9
170.0
164. 0
166. 7
170. 6
60. 4
60. 8
69. 1
87. 1
89. 9
82.2
95. 1
122. 3
127. 4
131. 0
131. 8
127. 2
122.8
129. 3
132. 4
134. 8
139. 8
146. 7
150. 4
153. 1
156. 0
158. 4
164. 2
80. 7
70.4
78.2
91. 6
104. 6
107.2
97. 9
95.0
73. 8
68. a
71.6
70. 1
71. 8
74. 1
78. 2
85. 1
89. 0
89.2
93. 5
96. 9
97. 0
93. 1
92.8
138. 2
136. 6
137. 7
137. 1
136. 7
131.0
129. 2
130. 5
130. 2
129. 4
131.6
129. 7
132. 3
132. 3
132. 8
130. 5
128. 6
128. 9
128. 3
120. 4
108.3
107. 1
107.9
106. 6
107. 2
170. 9
170. 2
169. 7
168.0
169. 4
164. 6
164. 7
167. 1
166. 2
166. 2
92. 9
91.5
91. 5
88.7
86. 3
1
ufacturing, 85 for nonIncludes 300 common stocks: 108 for durable poods manun
durable noods manufacturing, 18 for transportation, 34 for m
utilities, 45 for trade,
finance, and service, and 10 for mining.
30
Transportation
2 Not charted.
NOTE.—Indexes are based on weekly closing prices.
Source: Securities and Exchange Commission.
BUDGET RECEIPTS AND EXPENDITURES
In July 1961, the first month of fiscal year 1962, there was a deficit o? $3.3 billion/compared with a deficit of $3.0
billion for the first month of fiscal year 1961.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
NET BUDGET RECEIPTS
NET BUDGET EXPENDITURES
50
50
25
25
1959
75
1960
1961
1962
MAJOR NATIONAL SECURITY
-EXPENDITURES
BUDGET SURPLUS (+} OR DEFICIT (-)
(ENLARGED SCALE)
FIRST
MONTH
50
1962
1959
1957
1958
1959
1961
1962
FISCAL Y E A R S
SOURCES: TREASURY DEPARTMENT, AND BUREAU OF THE BUDGET.
Period
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
1960:
year 1956 _
year 1957
year 1958
year 1959 _ _ _
_
year 1960 4
year 1961
June___
--- July 4 4
August _ 4 _
_
September
4
October
November 44
December
1961: Januarv 4 4
February
March 4
April 44
May
June 4 _
Julv 4
.. .
-_
- - _ >
_.
_-_
_
_
_
_
_
_
--_
COUNCIL OF ECONOMIC ADVISERS
fBillions of dollars]
Net budget expenditures
Net
Major national security 1
budget
Department
Total
receipts
Total
of Defense,
military 2
66. 2
40. 6
38.4
67. 8
69. 0
43. 3
70. 6
40. 8
71. 4
44. 1
41.2
68. 5
SO. 3
46. 4
67. 9
43. 6
76. 5
77. 8
45. 6
42. 8
81. 5
47. 4
44. 7
77. 6
6. 5
3. 7
4. 0
10. 9
6. 2
3. 5
3. 2
3. 1
6. 8
4. 0
6. 5
3. 7
6.
8
3. 7
3.
9
9. 0
6. 8
3. 7
3.5
2. 8
6. 8
3. 6
3. 9
6.3
6.8
4, 2
4. 0
7. 6
4. 8
6. 5
3. 5
3. 7
6. 2
3. 6
6. 5
3. 8
7.0
4. 3
8. 5
4. 0
6. 5
3. 8
3. 5
5. 1
7. 2
4. 1
3. 9
G. 5
7. 9
4. 6
4.3
10. 7
0. 3
3. 5
3. 2
3. 0
* Includes military activities of the Department of Defense (military functions
and the military assistance portion of the mutual security program), Atomic
Energy
Commission, stockpiling, and defense production expansion.
2
Military functions and military assistance.
3
Includes guaranteed securities held outside the Treasury. Not all of total
shown is subject to statutory debt limitation.
Budget
surplus
or
deficit (-)
Public
debt
(end of3
period)
1. 6
1. 6
- 2. 8
12. 4
1. 2
— 3. 9
4. 4
3. 0
—. 3
2. 2
-4. 0
F~y
'. 8
-1. 6
.3
1. 5
-1. 3
—. 7
2. 8
-3. 3
272. 8
270. 6
276. 4
284. 8
286. 5
289. 2
286. 5
288.5
288. 8
288. 6
290. 6
290. 6
290. 4
290. 2
290. 7
287. 7
288. 2
290. -1
280. '_>
L )( .)'J. C>
-; PreliminaryNOTE.—Total budget receipts and expenditures have been adjusted !,o
certain intragovernmental transactions.
Sources: Treasury Department and Bureau of the Budget.
31
CASH RECEIPTS FROM AND
PAYMENTS TO THE PUBLIC
In the fiscal year 1961, cash payments to the public exceeded cash receipts by $2.1 billion.
receipts exceeded cash payments by $800 million.
BILLIONS OF DOLLARS { SEASONALLY ADJUSTED )
BILLIONS OF DOLLARS
In fiscal 1960, cash
•;/'
(SEASONALLY ADJUSTED )
30
30
EXCESS OF CASH RECEIPTS
EXCESS OF CASH PAYMENTS
1955
1959
1958
CALENDAR Y E A R S
SOURCES: TREASURY DEPARTMENT, AND BUREAU OF THE BUDGET.
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Cash receipts
from the
public
Period
Fiscal year total:
1957
1958
1959
1960__
1961 1
Calendar year total:
1957
1958
1959 1
I960
_
_
._ __ _
Quarterly total (calendar years) :
1959: Third quarter
Fourth quarter
I960- First quarter
Second quarter.
Third quarter 1 1
Fourth quarter
1961: First quarter * 1
Second nuarter
Cash payments to
the public
Excess of re- Cash receipts
ceipts ( + ) or
from the
payments
public
(-)
82. 1
81. 9
81.7
95. 1
97. 1
80.0
83.4
94. 8
94. 3
99. 3
2. 1
-1. 5
-13. 1
.8
2. 1
84. 5
81. 7
87. 6
98. 3
83.3
89. 0
95. 6
94. 7
Unadjusted
1. 2
-7.3
—& 0
3. 6
24. 4
23.9
21. 9
24. 1
24. 2
24. 5
23. 4
27. 2
-3.0
-4. 5
3. 8
4. 5
-.8
-3. 9
1. 4
1. 2
21. 4
19. 4
25. 8
28. 5
23.4
20. 6
24. 8
28. 4
Cash payments to
the public
Excess of receipts (+)or
payments
Seasonally adjusted
23. 2
23. 6
23.5
25. 0
25. 1
24. 8
22. 5
24. 9
23.8
23. 6
23. 3
23. 6
23. 6
24. 2
24. 9
26. 6
Sources: Treasury Department and Bureau of the Budget.
For suJe by the Superintendent of Documents, U.S. Government Printing Office, Washington 25, D.C.
Price 20 cents per copy; $2.00 per year; $2.75 foreign
U.S. G O V E R N M E N T P R I N T I N G OFFICE: 1961
32
-. 6
.0
.1
1.5
1.5
.6
-2.3
-1. 7
@FedFRASER